400 Amendments of Peter SKINNER
Amendment 2 #
2014/0090(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In order to prevent any risk of fraud, the entitlement to benefit from autonomous trade preferences should be conditional on the compliance by Ukraine with the relevant rules of origin of products and the procedures related thereto as well as involvement in effective administrative cooperation with the Union. Moreover, Ukraine should abstain from introducing new duties or charges having equivalent effect or new quantitative restrictions or measures having equivalent effect or from increasing existing levels of duties or charges or from introducing any other restrictions. A serious deterioration in respect for the fundamental principles of democracy and human rights in Ukraine, including core labour rights, should constitute reasons for a temporary suspension of the preferences. In the event of failure to comply with any of these conditions the Commission should be empowered to suspend temporarily all or part of the preferences.
Amendment 3 #
2014/0090(COD)
Proposal for a regulation
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
Without prejudice to the conditions set out in paragraph 1, entitlement to benefit from the preferential arrangements introduced by Article 1 is subject to respect for human rights, including core labour rights, and the fundamental principles of democracy by Ukraine. If Ukraine adopts measures restricting human rights and workers' rights, the Commission shall immediately propose to repeal this Regulation.
Amendment 305 #
2013/2277(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Regrets the lack of transparency in the MoU negotiations and a clear lack of decision-making processes involved in the development of the economic adjustment programmes, both within the Troika as well as within relevant Member States; notes the necessity to evaluate whether formal documents were clearly communicated in due time to the national parliaments and the European Parliament; further notes the possible negative impact of such practices on citizens’ rights and the political situation within the countries concerned;
Amendment 784 #
2013/2277(INI)
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. Calls on the European Commission to consult the European Parliament with due notice on the relevant decision- making processes involved in all developments in the economic Adjustment Programmes in order to enhance the accountability during the preparatory phrase as well as the responsibilities of the Troika component organisations, monitoring and enforcing results.
Amendment 19 #
2013/2075(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees that too many sectors are still largely divided by national borders and that competition policy has a fundamental role to play against suchcknowledges that a degree of fragmentation still exists in many locations within the internal market; welcomes the role of competition policy in eliminating fragmentation ofin the single markets;
Amendment 42 #
2013/2075(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that it should have co- decision powers in competition policy; regrets that Articles 103 and 109 TFEU provide only for consultation of Parliament,Welcomes the Commission's work in reaching out to the European Parliament and the frequent visits from the Competition Commissioner to brief the Economic and Monetary Affairs Committee; however, would like to see Articles in addition to 103 and 109 TFEU to further solidify the Parliament's role in Competition Policy;
Amendment 92 #
2013/2075(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 100 #
2013/2075(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Urges the Commission to make sure that banks, beforecarefully consider they receive any State aid, sell their stakes in other companies, thereby reducing the burden for the taxpayer;ange of assets and holdings of financial institutions prior to the dispensation of state aid
Amendment 90 #
2013/2047(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Member States to implement Solvency II within a reasonable time-frame set out in Omnibus II, and calls for the completion of negotiations on Omnibus II so that EIOPA can effectively regulate insurance undertakingslevels two and three of Solvency II can be finalised in a timely manner;
Amendment 95 #
2013/2047(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to take into account the IAIS's work on recovery and resolution of insurers, and to consider what action is needed to implement itit within the context of level two of Solvency II, Financial Conglomerates legislation, and the Insurance Mediation Directive; urges the Commission to proceed with legislation on Insurance Guarantee Schemes to solidify recovery and resolution mechanisms of insurance undertakings;
Amendment 11 #
2012/2234(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Recognising pension funds are a major investor in the EU economy, and are therefore a key element to achieving growth;
Amendment 12 #
2012/2234(INI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Considers that the potential for a review of the IORP directive should be examined carefully by differentiating between pension funds and life insurance products in some Member States with regards to the application of Solvency II- type capital requirements;
Amendment 5 #
2012/2149(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the EU and the US are each- others main trading partners, the two economies together accounting for about half of the global economic output and nearly a third of world trade flows, making it the largest economic relationship in the world consisting of a wide range of fields including manufacturing, finance, wholesale trade, and banking sectors;
Amendment 14 #
2012/2149(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the global economy remains vulnerable, with a negative impact on the everyday lives of people all over the world, affecting jobs, trade, development, and the environment, and whereas the ongoing financial and economic crises, both in the EU and in the US, are threatening the stability and prosperity of our economies and the welfare of our citizens, and the lack of coordination of financial regulation is causing unnecessary barriers to trade, calling for a closer economic cooperation between the EU and the US, in order to combat and overcome these crises;
Amendment 42 #
2012/2149(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Interim Report of the HLWG and the preliminary recommendations contained therein, and agrees that a comprehensive agreement should include an ambitious reciprocal market opening in goods, services and investment, and address the challenges of modernising trade rules and enhancing the compatibility of regulatory regimes, with special attention paid to the financial services sector; encourages the HLWG to continue its work preparing an ambitious yet feasible set of objectives and concrete deliverables for the negotiations of such a comprehensive bilateral trade and investment agreement, which would be consistent with (and supportive of) the WTO framework;
Amendment 50 #
2012/2149(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses the importance of continuing with the strengthening of transatlantic economic relations but without threatening EU policies, including in fields such as financial services, environmental standards, cultural diversity, social rights, public services or geographical indications, among others; emphasises that while the specific interests and sensitivities of both partners must be safeguarded in a balanced way, there are many areas where progress would be greatly beneficial, in particular as regards the removal of trade barriers, the introduction of measures to ensure better market access and appropriate investment conditions, the protection of intellectual property rights (IPR), the opening up of public procurement markets to ensure full reciprocity, and the convergence on mutual recognition of regulatory standards; considers that such an intensification of economic relations would also allow for greater alignment of EU and US approaches towards addressing global economic challenges;
Amendment 71 #
2012/2149(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recognises that even though the average tariffs on transatlantic trade in goods are comparatively low, there is an interest in both the EU and US business communities to eliminate remaining tariffs; takes the view, however, that a tariff-only free trade agreement would not be ambitious enough; supports the goal proposed by the HLWG of eliminating all duties on bilateral trade, with the objective of achieving a substantial elimination of tariffs upon entry into force of the agreement and a phasing out of all but the most sensitive tariffs in short time-frame, which could deliver significant gains, considering that EU-US bilateral trade to a large extent consists of intra-firm trade, and enhance the global competitiveness of the EU and US companies on the world stage; encourages the discussion of the inclusion of a financial services chapter given the interconnected nature of our markets;
Amendment 1 #
2012/2027(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes that the large number of European financial instruments and cofinancing programmes is an element that generates confusion and uncertainty among the public and private entities that want to make use of them; hopes therefore for a rationalisation and coordination of the same,requests a review undertaken to determine the most efficient means of disbursement to the applicant in order to encourage their efficient use of these instruments and structural funds within a unitary and coherent framework, including structural funds;
Amendment 5 #
2012/2027(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that certain financial instruments already in operation in the energy sector, such as the European Energy Efficiency Fund (EEEF) and the Marguerite Fund, are unfortunately producing results that are worse than expected; observes in fact that the Marguerite Fund has so far funded a fairly limited number of projects, while the European Energy Efficiency Fund offers funds to those who want to make use of it under financial terms that are similar to those offered by the ordinary market, if not less favourable; considers that the adoption of future financial instruments should therefore take into account those less-than-positive experiences have been met with limited success with regard to the number of projects funded; considers that the adoption of future financial instruments should take this into consideration when assessing how the scope for this type of funding can be widened;
Amendment 16 #
2012/2027(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Appreciates thBelieves that more attention should be given to supporting SMEs through the equity and debt instruments for which the Programme for the Competitiveness of enterprises and SMEs (COSME) and the Horizon 2020 programme provide; believes it appropriate, however, to consider the possibility of increasing the maximum threshold stipulated by the loan guarantee facility in COSME (EUR 150 000), in view of a more precise valuation of the actual credit requirements of European SMEs;
Amendment 20 #
2012/2027(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Supports the efforts made to incentivise research and innovation within SMEs in the Horizon 2020 programme; notes also that the financing of risk capital is not the only route available to achieve this objective; therefore calls on the Commission and the other interested entities to analyse the possible implications of a system of adjudication of contracts on the part of SMEs for the development of technologhowever, given the Risk Capital Action Plan [SEC(1998) 552] the goal of the Commission should be to encourage such finance; also views that are demonstrably needed by European institutions, so that European funds go towards funding the creation of technologies that are useful to said institutions return to benchmarking of risk capital financing and availability should be envisaged;
Amendment 23 #
2012/2027(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Reiterates that these financial instruments should be activated in order to implement projects deemed necessary to achieve the strategic objectives of the European Union for intelligent, sustainable and inclusive growth; therefore calls on the Commission and the EIB in particular, but also all thto promote other organisations directly or indirectly involved, to much more actively assist the promoters of these projects, especially in the initial phase projects throughout the cycle of implementation and continuously re-assess to ensure that funds are being efficiently used;
Amendment 29 #
2012/2027(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Trusts in the more-than-positive impact of greater strategic use of financial instruments oin the European Union, but believes that this will unfortunately be limited to projects with short- to medium- term returns; fears that investment in projects equally necessary for the achievement of the strategic objectives of the European Union for intelligent, sustainable and inclusive growth may not be realised because they may be deemed too risky for investors and due to the lack of public funds;
Amendment 120 #
2012/0244(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In view of the supervisory tasks conferred on the ECB by Council Regulation (EU) No …/….../... [127(6) Regulation], EBA should be able to carry out its tasks also in relation to the ECB in the same manner as in relation to other supervisory authorities. In order to ensure that existing mechanisms for settlement of disagreements and actions in emergency situations remain effective, a specific procedure should be provided for. In particular, if the ECB does not comply with an action by EBA to settle a disagreement or to address an emergency situation, it should be required to explain its reasons. In that case, whenever based on requirements set out in directly applicable Union law EBA can adopt an individual decision addressed to the financial institution concerned, it should do soa dispute in supervisory action should arise between the ECB and EBA, the ECB should be required to explain its reasons in writing.
Amendment 134 #
2012/0244(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Decisions concerning breaches of Union law and settlement of disagreements should be examined by an independent panel composed of voting members of the Board of Supervisors which do not have any conflicts of interest, appointed by the Board of Supervisors. The decisions proposed by the panel to the Board of Supervisors should be considered as adopted unless rejected by a simple majority using a weighted system to ensure equal representation of Euro area and non- Euro area countries alike, which should include an adequate number of votes from members from Member States participating in the ECB component of the SSM and from Member States that do not participate in the SSMECB component of the SSM. Furthermore, in order to maintain the necessary incentives for closer integration of Member States within a single Union- wide supervisory mechanism, where disagreements occur between home and host competent authorities, a balance should be maintained in the decision- making process to ensure that the ability of host Member States to apply stricter prudential standards is not undermined.
Amendment 160 #
2012/0244(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) In order to achieve an effective single supervisory mechanism it is indispensable that the Council and the Commission give full consideration to the review of Regulation (EU) No 1093/2010, which is due by 2 January 2014. The role of the EBA should remain as coordinator of prudential supervision across the 27 Member States.
Amendment 178 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 b (new)
Article 1 – paragraph 1 – point 1 b (new)
Regulation (EU) No 1093/2010
Article 7
Article 7
1 b. Article 7 is replaced by the following: "Seat "The Authority shall have its seat in an appropriate location to facilitate the functioning of the SSM."
Amendment 280 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
The report shall take into account in particular any developments in the number of Member States whose currency is the Eeuro or whose competent authorities have entered into a close cooperation in accordance with Article 6 of Regulation …/…(EU) No .../... [conferring specific tasks on the ECB] and shall examine whether in light of such developments any further adjustments of those provisions are necessary to ensure that EBA decisions are taken in the interest of maintaining and strengthening the internal market for financial services and that those decisions are complied with consistently across all competent authorities who have opted for the mechanism or are within the Euro area as defined in Article 4(2)(i).
Amendment 8 #
2011/2323(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Calls on the Joint Committee to coordinate the ESAs' work horizontally and requests that they attend ECON committee hearings to brief the Parliament on ongoing work in the field of Delegated Acts and Implementing Technical Standards
Amendment 12 #
2011/2323(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Considers it essential that procedures and measures are put in place to cover the 2014 election period, when a number of RTS and delegated acts will need to be adopted, in particular on the recently adopted CRR legislation; and forthcoming Solvency II and Omnibus II legislation
Amendment 1 #
2011/2177(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Points out that the congoing fiscal consolidation across the EU may lead totraction of investment due to the economic crisis, ferocious international competition, the volatility of exchange rates, euro/dollar parity and the austerity policies introduced by the Member States have already led to job losses and substantial programme cuts, shrinkages or delays for almost allsome Member States, whichand could adversely affect the European defence industry in the medium and long term;
Amendment 1 #
2011/2094(INI)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
- having regard to the Commission Staff working paper entitled ‘The effects of temporary State aid rules adopted in the context of the financial and economic crisis’,
Amendment 32 #
2011/2094(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that private enforcement already exists in most of the Member States; takes note of the Commission's ideas concerning EU-wide collective redress; calls on the Commission to take careful note of all the potential risks and successes that have been observed in other jurisdictions, including the USA;
Amendment 36 #
2011/2094(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to incorporate thea detailed basis for calculating fines, along with new fining principles, into Regulation (EC) No 1/2003;
Amendment 43 #
2011/2094(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 50 #
2011/2094(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that the economic and financial crisis cannot justify a more blenevolient assessment of merger cases; calls on the Commission to ensure that mergers designed to rescue or restructure ailing banks do not create more ‘too big to fail’ institutions;
Amendment 3 #
2011/2072(INI)
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
Amendment 7 #
2011/2072(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Article 194 of TFEU specifically upholds a Member State's right to determine the conditions for exploiting its energy resources, whilst also upholding regard for solidarity and environmental protection,
Amendment 8 #
2011/2072(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas Article 191 of the TFEU enshrines that Union environmental policy shall aim at a high level of protection and be based on the precautionary principle and on the principles that preventive action should be taken, that environmental damage should as a priority be rectified at source and that the polluter should pay,
Amendment 9 #
2011/2072(INI)
Motion for a resolution
Recital B
Recital B
B. whereas indigenous sources of oil and gas contribute significantly to Europe's current energy needs and are crucial at present for our energy security and energy diversity,
Amendment 12 #
2011/2072(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the Deepwater Horizon oil spill has demonstrated the potentially devastating environmental and human consequences of oil exploitation in extreme environments, and the enormous economic costs associated with such environmental impacts,
Amendment 13 #
2011/2072(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas that the effects of an accident could be transboundary in nature and therefore justify a pre-prepared EU pollution response capacity, which takes into account accidents outside EU waters,
Amendment 20 #
2011/2072(INI)
Motion for a resolution
Recital C f (new)
Recital C f (new)
Cf. whereas evidence suggests that separating the licensing process from health and safety assessments can avoid any potential conflicts of interest, or a confusion of goals,
Amendment 21 #
2011/2072(INI)
Motion for a resolution
Recital C g (new)
Recital C g (new)
Cg. whereas national regulators must assess financial viability and capability prior to awarding a license and final drilling consent, ensuring sufficient funds exist, including through third-party insurance and communal funds,
Amendment 22 #
2011/2072(INI)
Motion for a resolution
Recital C h (new)
Recital C h (new)
Ch. whereas various international fora already exist where regulators can exchange best-practice, including the NSOAF1,
Amendment 23 #
2011/2072(INI)
Motion for a resolution
Recital C i (new)
Recital C i (new)
Ci. whereas the European Commission, on behalf of the EU, is already a contracting party to OSPAR2, a Regional Convention to protect the marine environment of the North-East Atlantic,
Amendment 24 #
2011/2072(INI)
Motion for a resolution
Recital C j (new)
Recital C j (new)
Cj. whereas there are existing mechanisms for incident reporting, including, inter alia, OSPAR's annual discharges, spills and emissions report, and non-regulatory channels can be used to disseminate lessons learnt from such incidents, for example, NSOAF's 'safety bulletins',
Amendment 25 #
2011/2072(INI)
Motion for a resolution
Recital C k (new)
Recital C k (new)
Ck. whereas numerous existing agreements already elaborate procedures for international response to spills of international significance, such as the OCES agreement1,
Amendment 26 #
2011/2072(INI)
Motion for a resolution
Recital C l (new)
Recital C l (new)
Amendment 27 #
2011/2072(INI)
Motion for a resolution
Recital C m (new)
Recital C m (new)
Cm. whereas the European Maritime Safety Agency already provides technical assistance to the European Commission in the development and implementation of EU legislation on maritime safety and has been given operational tasks in the field of oil pollution response, satellite monitoring and in the long range identification and tracking of vessels,
Amendment 28 #
2011/2072(INI)
Motion for a resolution
Recital C n (new)
Recital C n (new)
Cn. whereas there is already an extensive body of international law and international conventions which govern the seas, including European waters,
Amendment 29 #
2011/2072(INI)
Motion for a resolution
Recital C o (new)
Recital C o (new)
Co. whereas the responsibility for the clean-up of any oil spill and the liability for damages is based on Article 191 TFEU which establishes the polluter-pays principle and is reflected in secondary legislation such as the Environmental Liability Directive (ELD) and the Waste Directive,
Amendment 30 #
2011/2072(INI)
Motion for a resolution
Recital C p (new)
Recital C p (new)
Cp. whereas a voluntary oil pollution compensation scheme already exists in the North Sea,
Amendment 31 #
2011/2072(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. EmphasisAcknowledges that issuing licences and other approvals for the exploration and exploitation of hydrocarbon resources is a Member State prerogative,; and that any suspension of activities is at the discretion of the Member State concerned; stresses however that licensing procedures must conform to a certain common EU criteria and highlights that Member States should apply the precautionary principle when issuing approvals for the exploration and exploitation of hydrocarbon resources;
Amendment 33 #
2011/2072(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Insists, therefore, that the introduction of an EU-wide moratorium on all new deep sea oil drilling in EU waters would be a disproportionate reaction to the need to secure high safety standards across the EU;
Amendment 35 #
2011/2072(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that each Member State's' legislative and regulatory regime should adopt a ‘safety case’ approachmust ensure all operators submit a risk-based, site specific 'safety case' requiring them to demonstrate fully to their relevant national health, safety and environmental authorities that all site-specific, and other, risks have been considered and controls implemented for each installation;
Amendment 38 #
2011/2072(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for all safety cases to become a living and evolving document so that material technical or equipment changes are subject to approval from the relevant competent authority, and all safety cases should be reviewed at least every five years including by the independent regulators; stresses that all on-site procedures and equipment available to deal with possible blow-outs must be included in the safety case;
Amendment 43 #
2011/2072(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. BAcknowledges that there already exists a network of regimes and best practices and believes that a single new piece of specific EU legislation may risk destabilising the current network of regimes, moving them away from the proven safety case approach and must not seek to duplicate or compromise existing best practice;
Amendment 46 #
2011/2072(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Supports the Commission's desire to level -up minimum standards within the EU; believes that safety and environmental concerns should be eimbedded in all legislation and the highest safety and environmental standards be applied in all areas of offshore oil and gas activities;
Amendment 50 #
2011/2072(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. StressesWarns however that the effectiveness of legislation ultimately depends on the competence of the relevant nationalEuropean and national authorities and bodies to implement, manage and enforce relevant legislation; believes the Commission should be vigilant in ensuring compliance by Member State authorities;
Amendment 53 #
2011/2072(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses the importance of regular, varied, and rigorous inspections carried out by independent and trained specialists acquainted with local conditions; notes that resources are finite when it comes to experienced inspectors; notbelieves that an operator'’s inspection regimes must also be subject to third-party verification; supports the efforts already undertaken by certain Member States to increase the number of rigorous inspections;
Amendment 55 #
2011/2072(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that resources are finite regarding experienced inspectors and calls for further investment to develop a more qualified inspection network across Member States; calls on the Commission to examine ways they can help Member States develop their own inspectorates;
Amendment 56 #
2011/2072(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b Any potential extension of EU product legislation to equipment on offshore installations should acknowledge the high rate of technological progress, overly prescriptive specifications can fast become redundant; however all equipment used on offshore installations must conform to all EU standards as laid down in existing and future legislation governing the use of industrial machinery and chemicals, such as 2003/105/EC and directive 2006/42/EC where applicable;
Amendment 63 #
2011/2072(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is concerned that an EU-level ‘'controller of controllers’ will' may not bring sufficient added -value to justify draining scarce regulatory resources from national competent national authorities; however gathering data, sharing best practices and coordinating response resources should be done at an EU level;
Amendment 68 #
2011/2072(INI)
Motion for a resolution
Paragraph 9 a (new) (after subheading 2)
Paragraph 9 a (new) (after subheading 2)
9a. Welcomes the Commission's initiative to establish joint EU/NSOAF meetings as an opportunity to exchange best practices across the community; stresses that these meetings should be valued by the participants;
Amendment 69 #
2011/2072(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. BStresses the importance of regional initiatives as a first tier of multilateral action and believes that forumsa akin to the NSOAF in the North Sea should be established for Member States around the Mediterranean, Baltic and Black Seas; to oversee the adoption and enforcement of minimum standards of health and safety; in this regard welcomes the Commission's initiative to establish the Mediterranean Offshore Authorities Forum (MOAF) and encourages the participation of non-EU countries;
Amendment 72 #
2011/2072(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Recognises the variety of conditions of different sea areas but believes there should be inter-fora coordination between regional initiatives, where appropriate, to ensure best practice at an EU level; stresses that the Commission should play an active role within these fora;
Amendment 73 #
2011/2072(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Welcomes the decision by the International Association of Oil and Gas Producers to establish the Global Industry Response Group (GIRG) in the aftermath of the Gulf of Mexico disaster; urges them to work transparently when sharing information and working with authorities;
Amendment 74 #
2011/2072(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. RecognisUnderlines the safety benefits generated byfrom workforce engagement programmes; advocates strong links, and joint initiatives, between industry, the workforce, and national competent national authorities in the fields of health, safety and environmental protection;
Amendment 78 #
2011/2072(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on industry to follow best practice on safety representatives as is the case in Norway where safety committees should be able to elect a safety representative who is involved in safety issues at all levels of operation and decision-making process;
Amendment 83 #
2011/2072(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on thenational competent national authorities to collate and share information from incident- reporting information –, with due regard for commercial sensitivities –, so that lessons can be learnedt; this information should be shared as promptly as feasible after an incident has occurred and include, inter alia, personnel incidents, machinery failure, hydrocarbon releases and other incidents of concern;
Amendment 87 #
2011/2072(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Recognises that consolidation and extra coordination of existing practices and incident-reporting could help to ensure transparency and consistency across the EU; welcomes international initiatives, including the G20 working group, to assist at the global level to ensure widespread knowledge of incident and any necessary remedial action;
Amendment 89 #
2011/2072(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Urges the Commission to work with partners and neighbours to achieve a special regime for any operations in the Arctic having careful regard as to the sustainability and necessity of offshore activities in such a vulnerable and unique environment;
Amendment 92 #
2011/2072(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recommends that licensing and health and safety functions should be separated in all the Member States; believes that the Commission should work with Member States to establish common, transparent and objective licensing criteria ensuring that licensing and health and safety functions are separated, to reduce the risk of a conflict of interest;
Amendment 94 #
2011/2072(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Believes that during licensing it is crucial to ensure that the highest level of safety and environmental protection is respected during and after the end of operations and in this regard pay due attention to the need to adequately decommission end of life installations and pipeline infrastructures, recycling the materials as far as possible;
Amendment 95 #
2011/2072(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Notes that a significant number of installations in EU waters are ageing; welcomes attempts to improve the asset integrity of existing platforms;
Amendment 97 #
2011/2072(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Advocates the use of site-specific contingency plans that: identify hazards,; assess potential pollution sources and effects and; outline a response strategy, along withnd outline drilling plans for potential relief wells; maintainrecommends that operators should submit their contingency plans at least two2 months before the start of operations, and that, in the case of; for complex wells, or challenging drill conditions, the contingency plan should be assessed, put out for consultationed and approved contemporaneously with other regulatory approval processes (linked to thee.g. those related to environmental impacts or well -design, for example); takes the view that, i). In all cases, operations must not commence until a contingency plan has been approved; maintains that, with due regard for data protection, contingency plans should be published by the national competent national authority with due regard for data protection;
Amendment 99 #
2011/2072(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Recommends that more emphasis should be placed on systematic training, particularly on the practical application of disaster response equipment;
Amendment 101 #
2011/2072(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Member States to draft, amend, or update n, National cContingency pPlans detailing command channels and mechanisms for the deployment ofto deploy national assets alongside industry resources, in the event of a spill; these should be transmitted to EMSA;
Amendment 102 #
2011/2072(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Suggests that the EMSA's inventories of response resources should also collate all relevant public and industry resources; adequate resources must be available in each EU sea area so that EMSA is best placed to provide a coordinating role, where necessary, in the event of a major incident;
Amendment 105 #
2011/2072(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Urges companies to continue to set aside funds for research and development of new prevention and accident remediation technologies; stresses that before any disaster response technologies are added to an approved contingency plan they should be independently tested, assessed and authorised;
Amendment 106 #
2011/2072(INI)
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Advocates strict control and continued testing of chemical dispersants, to ensure both their suitability in the event of a spill and to avoid public health and environmental implications;
Amendment 109 #
2011/2072(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Recognises that industry bears the primary responsibility for reacting to disasters; w. Welcomes joint industry initiatives to develop, mobilise and deploy resources to counter oil spills; stresses that the public sector has an important role in the regulation, safety and coordination of a disaster response;
Amendment 119 #
2011/2072(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Stresses that each sea area must always have access to sufficient available equipment to deal with large, worst case scenario spills for the specific sea area, not just EU waters;
Amendment 121 #
2011/2072(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Urges the Member States, when considering the need forcessity of third-party insurance, to be carefulpay due attention not to price small- and medium-sized operators out of the market whilst ensuring that full liability coverage is maintained;
Amendment 124 #
2011/2072(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Calls forRecognises the merits of communal funds to be assessed and, if appropriate,such as OPOL in the North Sea and for such funds to be set upestablished in each EU sea area; calls for membership to be mandatory for operators, asnd ensure legal certainty so as to provide a safety -net mechanism designed to reassure the Member States, the maritime sector, in particular fishermen, and taxpayers;
Amendment 126 #
2011/2072(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Stresses that the voluntary nature of schemes such as OPOL limit their legal control and therefore believes that these funds would be strengthened by being a mandatory license requirement;
Amendment 127 #
2011/2072(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Believes that during the consent to drill to process, the licensee must prove their ability to pay, whether through financial guarantee schemes, third-party insurance, or other schemes, for damage caused to the marine environment (and coastal, where appropriate);
Amendment 128 #
2011/2072(INI)
Motion for a resolution
Paragraph 26 c (new)
Paragraph 26 c (new)
26c. Stresses that the financially liable parties should be established without ambiguity prior to drilling;
Amendment 133 #
2011/2072(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Recommends that the Member States consider adopting and strengthening disincentives for negligence, and non- compliance such as fines, withdrawal of licencses, and criminal liability for employees; points out, however, that such a regime existed in the USA prior to the Deepwater Horizon spill;
Amendment 135 #
2011/2072(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Urges the industry to employ uniformly high -standards, wherever in the world theycompanies are operating; is sceptical as to whether a requirement forthat mandating EU-based companies to operate globally according to EU standards is enforceable but calls on the Commission to examine what mechanisms might be appropriate to ensure that EU-based companies to operate globally according to EUhighest standards is enforceable; believes corporate responsibility should also be a key driver in this area and that Member State licensing regimes could take global incidents involving companies into consideration when awarding licenses, provided these incidents are accompanied by thorough reviews;
Amendment 141 #
2011/2072(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
Amendment 144 #
2011/2072(INI)
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33a. Stresses the importance of bringing fully into force the un-ratified 1994 Mediterranean Offshore Protocol, targeting the protection against pollution resulting from exploration and exploitation;
Amendment 2 #
2011/2010(INI)
Motion for a resolution
Recital B
Recital B
B. whereas insurance guarantee schemes can be a valuable tool in reducing the risks facing policyholders and beneficiaries in the event of the failure of an insurance entity,
Amendment 7 #
2011/2010(INI)
Motion for a resolution
Recital E
Recital E
E. whereas there were no notable insurance policyholder or beneficiary losses as a result of the financial crisis, and the European insurance industry emerged from the crisis comparatively unscathed,
Amendment 9 #
2011/2010(INI)
Motion for a resolution
Recital F
Recital F
F. whereas Solvency II introduces a ladder of supervisory intervention minimising the likelihood of an insurer becoming bankrupt, and the disruption to policyholders or beneficiaries resulting from such an event,
Amendment 11 #
2011/2010(INI)
Motion for a resolution
Recital G
Recital G
G. whereas under Solvency II policyholder and beneficiary claims are secure when an insurer enters into insolvency (when the insurer breaches its Solvency Capital Requirement), and only become at risk if the insurer becomes bankrupt (when assets are insufficient to cover liabilities),
Amendment 37 #
2011/2010(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
Amendment 43 #
2011/2010(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that the ‘home’ country approach to IGS can only be credible from a consumer perspective if there is consistency of consumer experience for both IGS functions (portfolio transfer and policyholder compensation claims); calls on the Commission to require a single own-language process and point of contact for consumers within their national supervisor for all insurance guarantee compensation claims regardless of the location of the ‘home’ IGS; recommends that EIOPA develop a harmonised approach for policyholder compensation claims on the basis of simplicity and best practice, if necessary through binding technical standards;
Amendment 47 #
2011/2010(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Believes that ‘home’ and ‘host’ supervisors should cooperate fully with the concerned national IGS to ensure minimised disruption for the policyholder or beneficiary in a ‘host’ country in the event of the failure of an insurer, acting through the college with the participation of EIOPA to ensure consistency of approach between schemes;
Amendment 61 #
2011/2010(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Insists that new EU legislation should not result in the dilution of protection offered by existing IGS in Member States, and that consumers should not face any losses as a result of regulatory failure to adequately supervise insurers or intermediaries; calls consequently on the Commission to ensure that a European framework for IGS either provides for the continuation of insurance contracts by portfolio transfer or compensates policyholders or beneficiaries for losses in full and without exception for all types of insurance products in the event of insurer bankruptcy, insurer or intermediary mis- selling, or fraud, within a set period of time, consistent throughout Member States;
Amendment 75 #
2011/2010(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recognises that market concentration issues could place strains on the ability of an IGS to absorb all policyholder or beneficiary claims resulting from the bankruptcy of one or a number of insurers; believes that in order to avoid taxpayer exposure to such claims it is incumbent upon the responsible ‘home’ supervisor to ensure the robustness of the national IGS, if necessary employing additional supervisory standards to account for additional risks, which may include establishing an ex-ante IGS or additional capital requirements for certain insurers; foresees an oversight role for EIOPA in coordinating market-specific stress testing by national authorities and in conducting Europe-wide stress testing of IGS, issuing recommendations where appropriate, and in conducting regular peer reviews to ensure sharing of best practice approaches;
Amendment 40 #
2011/0460(NLE)
Proposal for a decision
Recital 8 a (new)
Recital 8 a (new)
(8a) As called for in the priorities proposed in the 2012 EFDA fusion roadmap the Joint European Torus (JET) project should play a key role in the energy transition
Amendment 61 #
2011/0460(NLE)
Proposal for a decision
Annex – Scientific and technological Objective – paragraph 2
Annex – Scientific and technological Objective – paragraph 2
The first priority of the strategy to achieve the objective shall be the construction of ITER (a major experimental facility which demonstrates the scientific and technical feasibility of fusion power), followed by the construction of a demonstration fusion power plant. As well as the priorities proposed in the 2012 EFDA fusion roadmap in order to ensure that ITER will play a key role in the energy transition.
Amendment 64 #
2011/0460(NLE)
Proposal for a decision
Annex – Rationale – paragraph 1
Annex – Rationale – paragraph 1
Fusion has the potential to make a major contribution to the realisation of a sustainable and secure energy supply for the Union a few decades from now. Its successful development would provide energy which is safe, sustainable and environmentally friendly. Harnessing fusion energy is a very promising goal but also a significant challenge as there are still remaining physics and engineering issues in order to move towards demonstration of the feasibility of fusion energy. In order to best meet some of these challenges it is essential that the Union makes all available efforts to support and exploit the efforts of the Joint European Taurus (JET) facility in order to help bridge any knowledge or experience gap.
Amendment 70 #
2011/0460(NLE)
Proposal for a decision
Annex – Activities – paragraph 2 – point c
Annex – Activities – paragraph 2 – point c
(c) As appropriate, other activities in order to prepare the basis for the design of a demonstration reactor and related facilities. This will include ensuring the continuance of the JET exploitation until the start date of ITER's full functioning.
Amendment 419 #
2011/0401(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 2
Article 6 – paragraph 2 – subparagraph 2
The maximum overall amount for the Union financial contribution from Horizon 2020 to the non-nuclear direct actionsresearch of the Joint Research Centre shall be EUR 2212 million2,52% of the total Horizon 2020 budget.
Amendment 1804 #
2011/0401(COD)
Proposal for a regulation
Annex II – Breakdown of the budget – table
Annex II – Breakdown of the budget – table
I Excellent science, of which: 27818 32,8% 1. The European Research Council 15008,7% 2. Future and Emerging Science and Technologies 35053,4% 3. Marie Curie actions on skills, training and career development 6503 9,1% 4. European research infrastructures (including eInfrastructures) 2802 II Industrial leadership, of which: 3,5% 5. Widening Excellence 20280 0,9% 6. Science and Society 15580 of which 500 for 1. Leadership in enabling and industrial technologies* 0,3% II Industrial leadership, of which: 24,0% 1. Leadership in enabling and industrial technologies* EIT17,2% 2. Access to risk finance** 4000 4,0% 3. Innovation in SMEs 700 2,8% III Societal challenges, of which: 358887,7% 1. Health, demographic change and wellbeing; 9077 of which 292 for EIT 10,2% 2. Food security, sustainable agriculture, marine and maritime research and the 4694 of which 150 for EIT,9% bio- economy; 3. Secure, clean and efficient energy 6537 of which 210 for EIT7,1% 4. Smart, green and integrated transport 7690 of which 247 for EIT 8,0% 5. Climate action, resource efficiency and raw materials 3573 of which 115 for EIT 6. Inclusive, innovative and secure societies 4317 of which 138 for EIT 3,6% 6. Understanding European societies and societal changes 2,0% 7. Protecting freedom and security in Europe 1,9% European Institute of Innovation and Technology (EIT) 1542 + 1652*** 3,1% Non-nuclear direct actions of the Joint Research Centre 2212 2,5% TOTAL 87740 100%
Amendment 67 #
2011/0400(NLE)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Notwithstanding the potential impact of nuclear energy on energy supply and economic development, severe nuclear accidents, nuclear proliferation and malevolent acts including nuclear terrorism may have the potential to endanger human health. Therefore, nuclear safety and, where appropriate, security aspects should be given the greatest possible attention in the Euratom Programme. Attention must also be paid to third countries that border the Union and cross-border aspects of nuclear safety that underline the Union's added value.
Amendment 68 #
2011/0400(NLE)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 69 #
2011/0400(NLE)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) The European Sustainable Nuclear Industrial Initiative (ESNII) targets the deployment of Gen-IV Fast Neutron Reactors with closed fuel cycle by 2040. It includes three major projects: the ASTRID prototype (sodium cooled), the ALLEGRO demonstrator (gas cooled) and the MYRRHA technology pilot plant (lead cooled).
Amendment 90 #
2011/0400(NLE)
Proposal for a regulation
Article 3 – paragraph 2 – point a a (new)
Article 3 – paragraph 2 – point a a (new)
(aa) support safe operation of all existing and future civilian nuclear systems;
Amendment 104 #
2011/0400(NLE)
Proposal for a regulation
Article 3 – paragraph 3 – point e a (new)
Article 3 – paragraph 3 – point e a (new)
(ea) complement all required safety improvements suggested following the results of the stress tests carried out on all nuclear reactors in the Union and third countries that border the Union. This should focus on contributing to the Research & Development agenda resulting from their recommendations.
Amendment 106 #
2011/0400(NLE)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. The Euratom Programme shall contribute to implementing the SET-plan. Its indirect and direct actions shall be aligned with the Strategic Research Agenda of the three existing European technology platforms on nuclear energy: SNETP, IGDTP and MELODI.
Amendment 111 #
2011/0400(NLE)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1 – point a a (new)
Article 4 – paragraph 1 – subparagraph 1 – point a a (new)
Amendment 117 #
2011/0400(NLE)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
For the implementation of indirect actions of the Euratom Programme, no more than 13.5 8% shall be for the Commission's administrative expenditure.
Amendment 121 #
2011/0400(NLE)
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4a. The Community shall seek to make further use of Structural funds for nuclear research and ensure alignment of the funds with Community research priorities.
Amendment 131 #
2011/0400(NLE)
Proposal for a regulation
Article 16 – paragraph 2 – subparagraph 3 a (new)
Article 16 – paragraph 2 – subparagraph 3 a (new)
Particular attention shall be paid to all research reactors and nuclear installations located in third countries but which are geographically very close to Member State territory, especially when located close to hazardous geographical and geological locations.
Amendment 152 #
2011/0399(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Specific challenges in the area of research and innovation should be addressed through new forms of funding such as prizes, pre-commercial procurement and public procurement of innovative solutions which require specific rules. It is appropriate to use different forms of funding, and where appropriate, combine different types of funding bodies. In particular, the financial instruments should be used in a complementary manner in cases where they help to leverage yet further private investment in research and innovation, including venture capital investments for innovative companies and in particular SMEs, and where the pursued results cannot be effectively achieved by grants, and where actions primarily consist of close-to- market activities. SMEs using instruments such as venture capital shall not be subject to undue delays or added barriers to further funding
Amendment 176 #
2011/0399(COD)
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Programmes aimed at increasing both current and planned innovative research should be opened up to allow nuclear research as part of their list of applicable research categories. The Eureka Eurostars Programme and the Marie Curie Actions should widen their rules of participation to allow SMEs involved in nuclear research to participate.
Amendment 333 #
2011/0399(COD)
Proposal for a regulation
Article 14 – paragraph 6 a (new)
Article 14 – paragraph 6 a (new)
6a. In the financial validation stage of the procedure, SMEs in certain sectors focussed on research rather than profit generation should not have to produce evidence of operational turnover in previous years in order to qualify for funding.
Amendment 549 #
2011/0399(COD)
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
The certificate on financial statements shall cover the total amount of the grant claimed by a participant under the form of reimbursement of actual costs and under the form of scale of unit costs referred to Article 27(2). The certificate shall only be submitted when that amount is equal to or greater than EUR 3275 000 at the time of claiming the payment of the balance of the grant.
Amendment 574 #
2011/0399(COD)
Proposal for a regulation
Article 36 – paragraph 3 a (new)
Article 36 – paragraph 3 a (new)
3 a. The Commission should consider introduce an newer version of the Risk Capital Action Plan in addition to the Financial Regulation
Amendment 19 #
2011/0389(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Directive 2006/43/EC
Article 2 – point 13(a)
Article 2 – point 13(a)
(a) entities governed by the law of a Member State whose transferable securities are admitted to trading on a regulated market of any Member State within the meaning of point 14 of Article 4(1) of Directive 2004/39/EC; other than: i) insurance undertakings within the meaning of Article 13 (2) and (5) of Directive 2009/138/EC of the European Parliament and of the Council; ii) Union alternative investment funds as defined in Article 4(1)(k) of Directive 2011/61/EC of the European Parliament and of the Council.
Amendment 21 #
2011/0389(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Directive 2006/43/EC
Article 2 – point 13 – point c
Article 2 – point 13 – point c
(c) insurance undertakings within the meaning of Article 13 other than Article 13 (2) and (5) of Directive 2009/138/EC of the European Parliament and of the Council(**);
Amendment 97 #
2011/0309(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The objective of this Regulation is to reduce as far as possible the occurrence of major accidents related to offshore oil and gas activities and to limit their consequences, thus increasing the protection of the marine environment, the safety of those working there and coastal economies against pollution as well as establishing minimum conditions for safe offshore prospection, exploration and exploitation of oil and gas and limiting possible disruptions to Union indigenous energy production and to improve the response mechanisms in case of an accident.
Amendment 101 #
2011/0309(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The risks of a major offshore oil or gas accident are significant. By reducing the risk of pollution of marine waters, this initiative should therefore contribute to the protection of the marine environment and in particular to the achievement of good environmental status by 2020 at the latest, as set out in Article 1(1) of Directive 2008/56/EC of the European Parliament and the Council of 17 June 2008 establishing a framework for community action in the field of marine environmental policy (Marine Strategy Framework Directive) as well as improving safety standards for offshore workers pursuant to the revision of Directive 92/91/EEC.
Amendment 105 #
2011/0309(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The existing fragmenMember Stated regulatory framework applying to safety of offshore activities in Europe and current industry safety practices do not provide an fully adequate assurance that risks from offshore accidents are minimised throughout the Union, and that in the event of accident occurring in Union waters, the most effective response would be timely deployed. Under existing liability regimes, the responsible party may not always be clearly identifiable and/or may not be able, or liable, to pay all the costs to remedy the damage it has caused.
Amendment 116 #
2011/0309(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Union best operating practices require owners and/or operators of installations, including mobile drilling rigs, to establish effective corporate policy and suitable arrangements for major accident prevention and to comprehensively and systematically identify all major hazard scenarios relating to all hazardous activities that may be carried out on that installation. These best practices require also assessing the likelihood and consequences and the necessary controls of such scenarios, within a comprehensive safety management system. Such policy and arrangements should be clearly described in a document (‘the Major Hazard Report – MHR’). The MHR should be comparable and complementary to the safety and health document referred to in Directive 92/91/EC and it should also include provisions on environmental risk assessment, emergency plans. The MHR should be required to be submitted the competent authority for consenting procedure. In line with Directive 91/92/EEC, workers and/or their representatives should be consulted on matters relating to health and safety at work and be allowed to take part in discussions on all questions relating to safety and health at work. The workforce should be consulted at the relevant stages of the preparation of the MHR.
Amendment 123 #
2011/0309(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) In view of the complexity of offshore oil and gas operations, the implementation of the best practices by the operators requires a scheme of independent third party verification of safety critical elements.
Amendment 126 #
2011/0309(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) To ensure that no relevant safety concerns are overlooked or ignored, it is important to establish and encourage adequate means for the reporting of those concerns, these should include regular consultation with elected safety representatives and the protection of whistleblowers.
Amendment 141 #
2011/0309(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) AOperators should ensure they have sufficient physical, personnel and financial resources to minimise and rectify the impact of a major accident. However, as no existing financial security instruments, including risk pooling arrangements, can accommodate all possible consequences of extreme accidents, the Commission should proceed with further analysis and studies of the appropriate measures to ensure adequately robust liability regime for damages related to offshore oil and gas operations, requirements on financial capacity including availability of appropriated financial security instruments or other arrangements and report on the findings and proposals within 1 year after adoption. In order to provide a safety net, mutual oil pollution insurance schemes should be established in each individual EU sea area, with mandatory membership for operators conducting operations in EU waters. Operators in third countries that share sea borders with the EU should also be encouraged to join the schemes.
Amendment 144 #
2011/0309(COD)
Proposal for a regulation
Recital 49 a (new)
Recital 49 a (new)
(49 a) The Commission and the Member States shall ensure that the EU offshore oil and gas operators apply at least the same high environmental and safety standards in line with this Directive wherever in the world they are operating.
Amendment 199 #
2011/0309(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 30 a (new)
Article 2 – paragraph 1 – point 30 a (new)
30 a. 'safety critical elements' shall mean: such parts of an installation and such parts of its plant, including computer programmes, the failure of which could cause or contribute substantially to a major accident, or a purpose of which is to prevent, or limit the effect of a major accident;
Amendment 279 #
2011/0309(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The Major Hazard Report for a production installation shall contain, at a minimum, the details specified in Annex II, parts 2 and 5 and must be revised when appropriate. Workers' representatives shall be consulted in the preparation of the Major Hazard Report.
Amendment 286 #
2011/0309(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The Major Hazard report for a non- production installation shall contain, at a minimum, the details specified in Annex II, parts 3 and 5 and must be revised when appropriate. Workers' representatives shall be consulted in the preparation of the Major Hazard Report.
Amendment 350 #
2011/0309(COD)
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2 a. Member States shall endeavour to adopt joint measures to prevent environmental damage in the event of an accident that could have significant negative effects on the waters of other Member States.
Amendment 412 #
2011/0309(COD)
Proposal for a regulation
Article 28 – paragraph 3 a (new)
Article 28 – paragraph 3 a (new)
3 a. The Commission, the EU Offshore Authorities Forum and competent authorities concerned shall work with other international fora and EU operators to encourage the application of the highest possible safety and environmental standards globally;
Amendment 471 #
2011/0309(COD)
Proposal for a regulation
Annex 2 – heading 1 a (new)
Annex 2 – heading 1 a (new)
The requirements for information set out in this Annex are minimum requirements. Competent authorities shall take into account developments in good practice and may request further information at any time to reflect relevant material, technical or equipment changes that may need to be taken into account. The European Offshore Authorities Group is one means by which such developments may be identified and shared.
Amendment 475 #
2011/0309(COD)
Proposal for a regulation
Annex 2 – part 1 – paragraph 1 – point 5
Annex 2 – part 1 – paragraph 1 – point 5
(5) a description of the installation and the conditions at its intended location, taking into account the age of the installation and its intended future lifespan;
Amendment 596 #
2011/0309(COD)
Proposal for a regulation
Annex 4 – point 6 – point f a (new)
Annex 4 – point 6 – point f a (new)
(f a) visible commitment to tripartite consultations and actions arising therefrom.
Amendment 598 #
2011/0309(COD)
Proposal for a regulation
Annex 4 – point 6 – point f a (new)
Annex 4 – point 6 – point f a (new)
(f a) Cooperation with elected safety representatives;
Amendment 599 #
2011/0309(COD)
Proposal for a regulation
Annex 4 – point 6 – point f b (new)
Annex 4 – point 6 – point f b (new)
(f b) Independence and protection for whistleblowers;
Amendment 605 #
2011/0309(COD)
Proposal for a regulation
Annex 4 – point 7 – point j a (new)
Annex 4 – point 7 – point j a (new)
Amendment 58 #
2011/0187(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The objective of reducing the difference between national and roaming tariffs so as to approach zero by 2015 was proposed by the Commission in the Benchmarking Framework 2011- 2015 and subsequently endorsed by the EU Member States in November 20091. This target is also included in the Commission Communication "A Digital Agenda for Europe"2. __________________ 1 http://ec.europa.eu/information_society/ee urope/i2010/docs/benchmarking/benchma rking_digital_europe_2011-2015.pdf 2 Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions "A Digital Agenda for Europe" (COM(2010) 245.
Amendment 61 #
2011/0187(COD)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) A single telecoms market cannot be said to exist while significant price differences exist between domestic and roaming prices; therefore the ultimate aim should be to eliminate roaming charges altogether, thus establishing a pan-EU mobile communications market.
Amendment 115 #
2011/0187(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
1. This Regulation introduces a common approach to ensuringbring about a truly single market in mobile communications. The first step is to put in place an interim period to ensure that users of public mobile communications networks when travelling within the Union do not pay excessive prices for Union-wide roaming services in comparison with competitive national prices, when making calls and receiving calls, when sending and receiving SMS messages and when using packet switched data communication services, thereby contributing to the smooth functioning of the internal market while achieving a high level of consumer protection, fostering competition and transparency in the market and offering both incentives for innovation and consumer choice. The second step is to put in place the necessary measures which would make it possible to abolish the concept of roaming within the EU altogether, ensuring identical prices throughout the EU.
Amendment 116 #
2011/0187(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
It lays down rules to guarantee the separate sale of roaming services from domestic mobile communications services and the conditions for wholesale access to public mobile telephone networks for the purpose of provision of roaming services. It also lays down transitory rules on the charges that may be levied by mobile operators for the provision of Union-wide roaming services for voice calls and SMS messages originating and terminating within the Union and for packet switched data communication services used by roaming customers while roaming on a mobile communications network in another Member State. It applies both to charges levied between network operators at wholesale level and to charges levied by home providers at retail level.
Amendment 123 #
2011/0187(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point m
Article 2 – paragraph 2 – point m
Amendment 129 #
2011/0187(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point o
Article 2 – paragraph 2 – point o
Amendment 151 #
2011/0187(COD)
Proposal for a regulation
Article 4
Article 4
Amendment 180 #
2011/0187(COD)
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4 a With effect from 1 July 2014, the retail prices for calls, SMS and data use shall be identical, irrespective of whether the customer is roaming or not. Until 30 June 2014, the retail price caps as prescribed by Articles 7, 9 and 12 shall have effect.
Amendment 181 #
2011/0187(COD)
Proposal for a regulation
Article 5
Article 5
Amendment 227 #
2011/0187(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
2. The retail charge (excluding VAT) of a Eurotariff which a home provider may levy from its roaming customer for the provision of a regulated roaming call may vary for any roaming call but shall not exceed EUR 0,320 per minute for any call made or EUR 0,1104 per minute for any call received as of 1 July 2012 . The price ceiling for calls made shall decrease to EUR 0,2815 and EUR 0,2410 on 1 July 2013 and on 1 Julanuary 2014 respectively, and for calls received to EUR 0,103 on 1 July 2013 . Without prejudice to Articles 13 and 19 tThese regulated maximum retail charges for the Eurotariff shall remain valid until 30 June 20164 when price differentiation between domestic and roaming calls will no longer be possible.
Amendment 252 #
2011/0187(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. With effect from 1 July 2012 , the retail charge (excluding VAT) of a Euro-SMS tariff which a home provider may levy from its roaming customer for a regulated roaming SMS message sent by that roaming customer may vary for any roaming SMS message but shall not exceed EUR 0,10 . Without prejudice to Articles 13 and 19, t07. The price ceiling shall decrease to 0,06 on 1 July 2013 and to 0,05 on 1 January 2014.The regulated maximum retail charge for the Euro-SMS tariff shall remain at EUR 0,105 until 30 June 20164 when price differentiation between domestic and roaming SMS messages will no longer be possible.
Amendment 284 #
2011/0187(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. With effect from 1 July 2012, the retail charge (excluding VAT) of a Euro-data tariff which a home provider may levy from its roaming customer for the provision of a regulated roaming data shall not exceed EUR 0,950 per megabyte. The price ceiling for data used shall decrease to EUR 0,730 and EUR 0,520, per megabyte used on 1 July 2013 and on 1 Julanuary 2014 respectively. Without prejudice to Articles 13 and 19, tThe regulated maximum retail charge shall remain at EUR 0,520, per megabyte used until 30 June 20164 when price differentiation between domestic and roaming data will no longer be possible.
Amendment 305 #
2011/0187(COD)
Proposal for a regulation
Article 13
Article 13
Amendment 344 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. The Commission shall review the functioning of this RegIn order to bring about the necessary changes for a single market in mobile phone communications, as required in Article 4a, the Commission, after consultation and, after a public consultationwith BEREC and other relevant stakeholders, shall preportsent a new proposal to the European Parliament and the Council no later than 30 June 2015 . The Commission shall evaluate in particular whether the objectives of this Regulation have been achieved. In so doing, the Commission shall review, inter aliaby 1 January 2013 at the latest, which should also include a proposal to update the wholesale caps for the period between 1 July 2016 and 30 June 2020 taking into account the developments in wholesale charges for the provision of voice, SMS and data communication services:
Amendment 348 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 1
Article 19 – paragraph 1 – indent 1
Amendment 349 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 2
Article 19 – paragraph 1 – indent 2
Amendment 350 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 3
Article 19 – paragraph 1 – indent 3
Amendment 352 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 4
Article 19 – paragraph 1 – indent 4
Amendment 353 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 5
Article 19 – paragraph 1 – indent 5
Amendment 357 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
Amendment 306 #
2011/0006(COD)
Proposal for a directive
Recital 22
Recital 22
(22) The development of international convergence toward risk-based solvency regimes should be encouraged. In order to acknowledge that some third countries may need more time to adapt and implement a solvency regime that would fully satisfy the criteria for being recognised as equivalent, it is necessary to enable Commission measures adopted by means of delegated act to specify transitional arrangementspecify conditions in relation to the treatment of such third country regimes, particularly where a public commitment to converge in order for those third countries to abe regime equivalent to Directive 2009/138/EC has been madecognised as temporarily equivalent. This should be done within the context of forthcoming Solvency II implementing measures legislation.
Amendment 317 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 2 – point a
Article 2 – point 2 – point a
Directive 2009/138/EC
Article 31 – paragraph 4 a (new)
Article 31 – paragraph 4 a (new)
4a. In order to ensure full compliance with regard to the division between delegated acts and regulatory technical standards, all delegated acts that are to become to regulatory technical standards will do so after a period of three years from the publication of this Directive in the Official Journal of the European Union.
Amendment 360 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
Amendment 423 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 35 – point b
Article 2 – point 35 – point b
Directive 2009/138/EC
Article 172 – paragraph 4
Article 172 – paragraph 4
Amendment 430 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 40
Article 2 – point 40
Directive 2009/138/EC
Article 227 – paragraph 2 – subparagraph 2
Article 227 – paragraph 2 – subparagraph 2
Amendment 431 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 41
Article 2 – point 41
Directive 2009/138/EC
Article 227 – paragraph 3
Article 227 – paragraph 3
Amendment 432 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 42
Article 2 – point 42
Directive 2009/138/EC
Article 227 – paragraph 6
Article 227 – paragraph 6
Amendment 438 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 62 – point a
Article 2 – point 62 – point a
Directive 2009/138/EC
Article 260 – paragraph 1 – subparagraph 2
Article 260 – paragraph 1 – subparagraph 2
Amendment 440 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 62 – point b
Article 2 – point 62 – point b
Directive 2009/138/EC
Article 260 – paragraph 2
Article 260 – paragraph 2
Amendment 442 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 62 – point c
Article 2 – point 62 – point c
Directive 2009/138/EC
Article 260 – paragraph 4
Article 260 – paragraph 4
Amendment 446 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 62 – point d
Article 2 – point 62 – point d
Directive 2009/138/EC
Article 260 – paragraph 5
Article 260 – paragraph 5
Amendment 468 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 71
Article 2 – point 71
Directive 2009/138/EC
Article 308b – point g
Article 308b – point g
(g) with regard to Articles 308a(7), the length of the transitional period which may be shorter than the maximum of 10 years, the phasing of the transitional period, the specification of the own fund items subject to the transitional, and the transitional requirements as to the classification of own fund items, which will apply to those specified own funds items and requiring that during the transitional period insurance and reinsurance undertakings comply at least with the laws, regulations and administrative provisions adopted pursuant to Article 27 of Directive 2002/83/EC, Article 16 of Directive 73/239/EEC and Article 36 of Directive 2005/68/EC in respect of those own fund itemsinsurance liabilities issued prior to the date referred to in Article 309(1) which make use of an illiquidity premium in the relevant risk-free rate term structure under the applicable regulatory regime up until that date shall, for the purposes of Articles 77(a) and 86, be permitted to continue to use this approach for the calculation of technical provisions for 10 years after the date referred to in Article 310;
Amendment 471 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 74
Article 2 – point 74
Directive 2009/138/EC
Article 311 – paragraph 2
Article 311 – paragraph 2
Articles 1, 2,308a and 308b shall apply from 1 January 2013. Articles 1 to 3, 5 to 9, 11, 12, 145 to 17(2), 19- to 22, 24, 25, 33, 57, 58(1) to 58(7), 59 to 66, 69, 70, 73, 143, 145, 147, 149 to 161, 168 to 171, 174 to 177, 179 to 184, 186 to 189, 191, 193 to 209, 267 to 300, 302, 305- to 308 and Annexes I and II, V, VI and VII shall apply from 1 January 20134. This shall allow the Commission to adopt necessary implementing measures prior to the application date.
Amendment 30 #
2010/2239(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Emphasises that sustainable public finances require including the total of public and private debt in the assessment; recalls that pension savings are not only savings earmarked as pension; requests that the full scale of unfunded public sector pension liabilities is made transparent by including these in the government debt-to- GDP ratio; urges the Commission to develop a common terminology for pension systems that allows for transparency and comparison between the three pillars of pensions provision across the 27 Member States;
Amendment 71 #
2010/2239(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Acknowledges that traditional employer-guaranteed occupational pension schemes have come under pressure from a variety of economic and demographic challenges but strongly believes that such challenges do not justify an absolute shift of responsibility for income security in retirement from employer to employee; urges Member States to ensure a greater commitment from employers to guaranteeing the income security in retirement of employees; notes the development of hybrid DB/DC schemes in this regard;
Amendment 120 #
2010/2239(INI)
Draft opinion
Paragraph 13
Paragraph 13
13. Calls on the Commission to clarify when a cross-border activity is triggered, also taking into account the provisions of the Posted workers Directive and the position of expatriates in general, and that national social and labour laws, including compulsory membership, applies only to pension schemes; in addition calls on the Commission to further harmonise rules concerning technical provisions, in particular the technical rate of interest, in order to prevent supervisory arbitrage; suggests that Member States should allow ring fencing;
Amendment 139 #
Amendment 144 #
2010/2239(INI)
Draft opinion
Paragraph 14
Paragraph 14
14. Considers that Solvency II is a valuable starting point for developing a solvency regime for IORPs; underlines that such a regime needs to be adapted toproposals for a capital adequacy regime for IORPs must recognise the specificities of pensions, in particular as regards the conditionality of pension rights, the duration of pension portfolios and the dedicated purpose vehicle operating a homogenous product portfolio;
Amendment 160 #
2010/2239(INI)
Draft opinion
Paragraph 15
Paragraph 15
15. Considers the qualitative elements of Solvency II to be of gsecond and third pillars of Solvency II to be valuable starting points in relat importance for their appion to enhancing the qualictative supervision tof IORPs; notes that this applies in particular to requirements in relation to good risk management;
Amendment 170 #
2010/2239(INI)
Draft opinion
Paragraph 17
Paragraph 17
17. Is of the opinion that the newly established European Supervisory Authority (European Insurance and Occupational Pensions Authority) should play an important role in the development of a solvency regime for pension funds in general and IORPs more specificallypreparatory process for a review of the IORP Directive;
Amendment 183 #
2010/2239(INI)
Draft opinion
Paragraph 20
Paragraph 20
20. Stresses that the questions related to the solvencya capital requirements regime for pension funds, including IORPs, and a pensions guarantee scheme are closely linked to a sufficient resolution of the issues related to Article 8 of the Insolvency Directive;
Amendment 23 #
2010/2206(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Highlights the need to diversify the portfolio of tourism services in Europe; calls for an EU-wide promotion of tourism in EU and for enhanced cooperation between Member States when promoting tourism; highlights also that for Europe to keep its leading position as a tourist destination and remain competitive, it is important to ensure acceptable minimum common safety, reliability, and accessibility requirements in European tourism services are achieved, in particular for what concerns Fire-Safety systems;
Amendment 37 #
2010/2206(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Considers, in view of demographic changes, that the health tourism has the biggest potential to undergo a significant growth in the future; believes that a European certified system of quality standards and controls in this field such as a ´blue cross system´ for medical or wellness facilities, e.g. in hotels offering health treatments like health-checks, would significantly improve the competitiveness of European health tourism. In order to achieve such improvement, stresses the necessity to set clear minimum requirements for medical history checks, patient information provision, the advertising and marketing of aesthetic surgery services, the educational requirements for the health service provider/surgeon (within the limits of existing legislation), as well as any follow- up services and advice, together with transparent and fair complaints-handling and dispute resolution mechanisms;
Amendment 59 #
2010/2206(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Highlights that safety of services and sport or leisure services was identified as a priority by the European Commission in its 2003 report on the 'Safety of Services for Consumers' but regrets that no follow up actions have been taken. In this context, calls for the European Commission to introduce a European legislative framework for the safety of services;
Amendment 148 #
2010/2075(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls foron the Commission to conduct an examination of the costs and benefits of HFT on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what affect this has on overall price discovery, the potential for HFT to allow for manipulation of market prices leading to an uneven playing field between market participants, and its impact on overall market stability;
Amendment 151 #
2010/2075(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to consider the impact of measures to reduce any negative outcomes resulting from the growth in HFT, including the introduction of pulsing allowing for a 1 second latency in the processing of trades by exchanges, and forcing each bid offer to stand firm for 1 second;
Amendment 2 #
2010/2008(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
- having regard to the work of the OTC Derivatives Regulators Forum to establish globally consistent data reporting standards for trade repositories,
Amendment 27 #
2010/2008(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas non-discriminatory access to central counterparty clearing facilities (CCPs) is necessary to maintain efficient and fair arrangements between trading venues,
Amendment 28 #
2010/2008(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas in order for trade repositories to play a central role in ensuring transparency to supervisors in derivatives markets, supervisors must have unfettered access to relevant repository data and repositories must consolidate position and trade data on a global basis by asset class,
Amendment 144 #
2010/2008(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Insists that neither must CCPs be organised by users, nor must theirCCPs’ risk management systemsmodels must not be in competition with each other;
Amendment 152 #
2010/2008(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls for conduct of business and access rules governing CCPs to ensure non-discriminatory access by trading venues. Issues to be addressed include discriminatory pricing practices;
Amendment 162 #
2010/2008(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- cleared and calls for trade repositories to be regulated and supervised under EMSA direction;
Amendment 166 #
2010/2008(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to draw up reporting standards for all derivatives consistent with standards being elaborated at an international level and ensure that they are communicated to central trade repositories and make them accessible to the EMSA and national regulatory authorities;
Amendment 175 #
2010/2008(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Backs the Commission in its plan to establish CCPs under indepeintroduce legislation to ensure the safety and soundness of CCPs undentr European responsibility which are independent from key market participants;
Amendment 21 #
2010/2006(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas other financial sectors should not be expected to contribute to a fund that will be used to bailout the banking sector,
Amendment 28 #
2010/2006(INI)
Motion for a resolution
Recital N
Recital N
N. whereas a limited number of banks (“Systemic Banks”) represent an extremely high level of systemic risk due to their size, complexity and interconnectedness across Europe, calling for an urgent and targeted special regimethe crisis has demonstrated that banks of any size may pose systemic risks in certain circumstances,
Amendment 36 #
2010/2006(INI)
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas insurance entities are already structured so they have internal “resolution regimes”, and should one fail it would do so over time, being put into run off closes it to new business but allows it to honour its commitments to policyholders,
Amendment 38 #
2010/2006(INI)
Motion for a resolution
Recital O
Recital O
O. whereas a special regime for Systemic Bankscrisis resolution regime, in order to be effective in supporting interventions, requires a common set of rules, appropriate expertise and financial resources,
Amendment 45 #
2010/2006(INI)
Motion for a resolution
Recital P
Recital P
Amendment 54 #
2010/2006(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas any stability fund developed on a pan-European basis must be ring- fenced for future crises resolution only and not useable for financial interventions for crises emerging as result of ongoing problems resulting from the financial crisis of 2007/2008,
Amendment 75 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 3
Annex – recommendation 1 – paragraph 3
3. Attribute to the relevant supervisor the responsibility for crisis management and the approval of each bank’s contingency plan, as follows: • for Systemic Banks: the European Banking Authority (EBA) in close cooperation with the college of national supervisors and the Cross Border Stability Groups (as defined in the above- mentioned Memorandum of Understanding of June 2008); • for all other cross border non-systemic banks: the consolidated supervisor within the college, under the coordination of the EBA and in consultation with the Cross Border Stability Groups; • for local banks: the local supervisor.
Amendment 98 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – introductory part
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – introductory part
8. Expand the crisis management minimum intervention toolbox available to supervisors, beyond the Article 136 of Directive 2006/48/EC, to include at least the powery amending the relevant sectoral legislation or introducing new sectoral legislation to:
Amendment 139 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2
Annex – recommendation 2
Amendment 211 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 2
Annex – recommendation 3 – paragraph 2 – indent 2
• funded ex-ante by the Systemic Banks on the basis of risk-based, countercyclical criteria that takes into account the systemic risk posed by an individual bank as identified by its Risk Dashboard;
Amendment 232 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 3 – indent 4
Annex – recommendation 3 – paragraph 3 – indent 4
Amendment 235 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 4 – paragraph 1
Annex – recommendation 4 – paragraph 1
1. A resolution unit shall be established within the EBA to lead the resolution and insolvency procedures for Systemic BankEU dimensions. This unit shall: • operate within the strict boundaries defined by the legal framework and the EBA’s competencies; • be a pool of legal and financial expertise specially skilled in bank restructurings, turnarounds and liquidation; • cooperate closely with national authorities on implementation, technical assistance and sharing of staff; • propose the disbursements from the Stability Fund.
Amendment 113 #
2010/0252(COD)
Proposal for a decision
Recital 13
Recital 13
(13) The 800 MHz band is optimalcan be used for the coverage of large areas by wireless broadband services. Building on the harmonisation of technical conditions under Decision 2010/267/EU, and on Commission Recommendation of 28 October 2009 calling for analogue broadcasting to be switched off by 1 January 2012, and given rapid national regulatory developments, this band should in principle be made available for electronic communications in the Union by 20135. In the longer term, additional spectrum below 790 MHzin the UHF band could also be envisaged, depending on actual market demands, social and cultural objectives, experience and the lack of spectrum in other bands adequate for coverage. Considering the capacity of the 800 MHz band to transmit over large areas, coverage obligations should be attached to rights.
Amendment 310 #
2010/0252(COD)
Proposal for a decision
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Member States shall, by 17 Januaryune 20135 make the 800 MHz band available for electronic communications services in line with the harmonised technical conditions laid down pursuant to the Decision No 676/2002/EC. In Member States where exceptional national or local circumstances would prevent the availability of the band, the Commission may authorise specific derogations untilthe digital switchover process is already well advanced or completed and where the migration of incumbent services can be managed on time the Commission recommends to make the band available by 1 January 20153. In accordance with Article 9 of Directive 2002/21/EC , the Commission, in cooperation with the Member States, shall keep under review the use of the spectrum below 1UHF band (i.e. spectrum between 300 MHz and 3GHz) and assess whether additional spectrum could be freed and made available for new applications.
Amendment 145 #
2010/0250(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) Financial guarantee insurance and other contracts of insurance relating to securities where that insurance cannot be traded separately from the relevant security and cannot be used for speculative purposes should not be considered as derivative contracts for the purposes of this Regulation.
Amendment 170 #
2010/0250(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) The Commission shall ensure that the necessary and appropriate use of OTC derivatives by non-financial counterparties to hedge market risks arising from business operations is not undermined in terms of pricing or availability by future legislative proposals.
Amendment 183 #
2010/0250(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) It is important that market participants report all details regarding OTC derivative contracts they have entered into to trade repositories. As a result, information on the risks inherent in OTC derivatives markets will be centrally stored and easily accessible to ESMA, the relevant competent authorities and the relevant central banks of the ESCB. Nonetheless, there should be restrictions on the extent to which trade repositories and CCPs can use client information for commercial or other non-regulatory purposes, even in aggregated form.
Amendment 255 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ’over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC or on a third country trading facility that performs a similar function to a regulated market;
Amendment 276 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
Amendment 284 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22 a) ‘occupational pension scheme" means either an institution for occupational retirement provision as defined in Directive 2003/41/EC or an arrangement where the provisions of national law accord particular benefits to the client in relation to the product by virtue of its use for the purposes of retirement planning.
Amendment 323 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. Derivative contracts used for the purposes of risk mitigation by occupational pension schemes shall be excluded from the clearing obligation set out in Article 3.
Amendment 324 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. The competent authority of each Member State shall draw up a list of the financial counterparties established in the territory of its Member State and shall forward that list to ESMA. The list shall also include a list of all AIFs established in the territory of its Member State showing whether they are managed by an EU AIFM or a non-EU AIFM (within the meaning of Directive 2010/.../ ) and a list of undertakings established in third countries which would fall within the definition of a financial counterparty if they were established in the Union that have branches in the territory of its Member State. A similar communication shall be made in respect of each change to that list. ESMA shall publish and update those lists at its website, each time that a competent authority communicates changes to its list.
Amendment 645 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. A CCP established in a third country may provide clearing services to entities established in the Union only where that CCP is recognised by ESMA. This restriction shall also apply to a third country CCP where it provides clearing services to an entity established in the Union which is acting through a branch outside the Union. However, it shall not apply to a third country CCP where it provides clearing services to a subsidiary outside the Union of an entity established in the Union.
Amendment 670 #
2010/0250(COD)
Proposal for a regulation
Article 24 – paragraph 6 a (new)
Article 24 – paragraph 6 a (new)
6 a. A CCP shall ensure that trade or client information received in respect of OTC derivative contracts that are cleared pursuant to the requirements of this Regulation is used solely to meet its requirements and is not used or exploited commercially, other than with the prior written consent of the client to whom it belongs.
Amendment 671 #
2010/0250(COD)
Proposal for a regulation
Article 24 – paragraph 7
Article 24 – paragraph 7
7. A CCP shall make its governance arrangements and the rules governing the CCP available to the public, including admission criteria for clearing membership, available publicly without charge.
Amendment 889 #
2010/0250(COD)
Proposal for a regulation
Article 48 – paragraph 1 a (new)
Article 48 – paragraph 1 a (new)
1 a. In order not to create additional systemic risk, interoperable arrangements shall be restricted to CCPs clearing transferable securities, specifically cash equities as defined in Article 4(1) point 18 (a) of Directive 2004/39/EC. However, by 30 September 2014, ESMA should submit a report to the Commission on whether an extension of that scope to other financial instruments would be appropriate.
Amendment 85 #
2010/0232(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The comprehensive and adequate monitoring of group risks in large, complex, internationally operating conglomerates, as well as the supervision of the group-wide capital policies of these groups, is only possible when competent authorities gather supervisory information and plan supervisory measures beyond the national scope of their mandate. It is therefore necessary that competent authorities coordinate supplementary supervision on international conglomerates among the competent authorities which are regarded as most relevant for the supplementary supervision of a conglomerate through the Joint Committee. The college of a financial conglomerate's relevant competent authorities should reflect the supplementary nature of this Directive, and as such it should add value to existing colleges for the banking subgroup and the insurance subgroup in the conglomerate, without replicating, duplicating or replacing them.
Amendment 86 #
2010/0232(COD)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to ensure appropriate regulatory oversight, it is necessary that the legal and operational structure, including all legal entities, of banks, insurers and financial conglomerates with cross-border activities are monitored by the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority), and the Joint Committee, as appropriate, and that information is made available to the relevant competent authorities, the Commission and the European Systemic Risk Board (ESRB) and, where appropriate, made public.
Amendment 90 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 1
Article 2 – point 1
Directive 2002/87/EC
Article 2 – point 17 – point a a (new)
Article 2 – point 17 – point a a (new)
(aa) the European Supervisory Authority (European Banking Authority) or the European Supervisory Authority (European Insurance and Occupational Pensions Authority), to be agreed on the basis of the relative weighting of banking or insurance assets within the financial conglomerate, acting through the Joint Committee;
Amendment 98 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 2 – point a
Article 2 – point 2 – point a
Directive 2002/87/EC
Article 3 – paragraph 2 – subparagraph 3 a (new)
Article 3 – paragraph 2 – subparagraph 3 a (new)
Alternative investment fund managers within the meaning of Article 30a are added to the sector they belong to within the group; if they do not belong exclusively to one sector within the group, they are added to the smallest financial sector.
Amendment 120 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 6 a (new)
Article 2 – point 6 a (new)
Directive 2002/87/EC
Article 9 a a (new)
Article 9 a a (new)
Amendment 121 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 7
Article 2 – point 7
Directive 2002/87/EC
Article 11 – paragraph 4 – subparagraph 1
Article 11 – paragraph 4 – subparagraph 1
The coordinator shall establish a college of the relevant competent authorities to facilitate the required cooperation under this section through the relevant sectoral college of supervisors and the exercise of the tasks listed in paragraphs 1, 2 and 3 and Article 12 and, subject to the confidentiality requirements and compatibility with Union legislation, ensure appropriate coordination and cooperation with relevant third-country competent authorities where appropriate.
Amendment 122 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 7
Article 2 – point 7
Directive 2002/87/EC
Article 11 – paragraph 4 – subparagraph 2
Article 11 – paragraph 4 – subparagraph 2
Amendment 130 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 11 a (new)
Article 2 – point 11 a (new)
Directive 2002/87/EC
Article 30 a (new)
Article 30 a (new)
(11a) The following Article is inserted: "Article 30a Alternative investment fund managers Pending further coordination of sectoral rules, where an alternative investment fund manager is part of a financial conglomerate, the financial conglomerate shall ensure that no more than 3 % of tier one capital at consolidated level or at the level of the mixed financial holding company is exposed to losses resulting from exposure to the activities of that alternative investment fund manager."
Amendment 131 #
2010/0232(COD)
Proposal for a directive – amending act
Article 3 – point 1 a (new)
Article 3 – point 1 a (new)
Directive 2006/48/EC
Article 4 – point 49 a (new)
Article 4 – point 49 a (new)
(1a) In Article 4, the following point is added: "(49a) ’alternative investment fund manager’ means a manager of alternative investment funds within the meaning of Article 4(1)(c) of Directive 2011/.../EU of the European Parliament and of the Council;"
Amendment 132 #
2010/0232(COD)
Proposal for a directive – amending act
Article 3 – point 1 b (new)
Article 3 – point 1 b (new)
Directive 2006/48/EC
Article 14
Article 14
Amendment 134 #
2010/0232(COD)
Proposal for a directive – amending act
Article 3 – point 5 a (new)
Article 3 – point 5 a (new)
Directive 2006/48/EC
Article 123 a (new)
Article 123 a (new)
(5a) The following article is inserted: "Article 123a Pending further coordination of sectoral rules, where an alternative investment fund manager is part of a credit institution, the credit institution shall ensure that no more than 3 % of tier one capital is exposed to losses resulting from exposure to the activities of that alternative investment fund manager."
Amendment 135 #
2010/0232(COD)
Proposal for a directive – amending act
Article 3 a (new)
Article 3 a (new)
Directive 2009/138/EC
Article 25 a (new)
Article 25 a (new)
Article 3a Amendments to Directive 2009/138/EC Directive 2009/138/EC is amended as follows: The following article is inserted: "Article 25a Every authorisation shall be notified to the European Supervisory Authority (European Insurance and Occupational Pensions Authority). The name of each insurance undertaking and reinsurance undertaking to which authorisation has been granted shall be entered on a database, as shall the legal and operational structure of that undertaking, including all legal entities established by that undertaking. The European Supervisory Authority (European Insurance and Occupational Pensions Authority) shall publish that list on its website and shall keep it up to date."
Amendment 390 #
2009/0161(COD)
Proposal for a directive – amending act
Article 4 – point 2
Article 4 – point 2
Directive 2003/41/EC
Article 20 – paragraph 11 – subparagraph 1
Article 20 – paragraph 11 – subparagraph 1
11. In order to ensure uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards listing for each Member State provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 149 #
2009/0144(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by Community law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They would be subject to amendmentIt can choose to reject them in part or in whole if, for example, the draft technical standards were incompatible with Community Law, wouldEuropean Union law, do not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityEuropean Union financial services legislation. To ensure a smooth and expeditedious adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsementwhen deciding when to endorse, partially endorse or reject them. The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union. The matters concerned by the technical standards do not involve policy decisions, and their content is framed by the Union acts adopted at Level 1. Development of the draft standards by the Authority ensures that they fully benefit from the specialised expertise of national supervisory authorities.
Amendment 158 #
2009/0144(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityEuropean Union require a swift and concerted response at CommunityEU level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the deThe European Systermination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commissionc Risk Board should establish when there is an emergency situation. The Commission should declare an emergency on a recommendation from the European Systemic Risk Board. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 165 #
2009/0144(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro- prudential level, across borders and across sectors. The Authority should monitor and assess such developments in the area of its competence and, where necessary, inform the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the European Systemic Risk Board on a regular and, as necessary, ad hoc basis. The Authority should also initiate and coordinate Community-Union- wide stress tests to assess the resilience of financial market participants to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests. In order to inform the discharge of its functions, the Authority should undertake economic analysis of markets and the impact of potential market developments on them.
Amendment 167 #
2009/0144(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficieBefore adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact assessment with a view to ensuring that the best practices for high-quality regulation are met. To provide effective external assistancye, a Securities and Markets Stakeholder Group should be established for that purpose, representing in balancedappropriate proportions CommunityEU financial market participants (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees,rade unions, academics and consumers and other retail users of financial services, including SMEs. The Securities and Markets Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityEU legislation.
Amendment 175 #
2009/0144(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selected by the Board of Supervisors through an open competition,European Parliament from a short list drawn up by the Board of Supervisors should 195represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 176 #
2009/0144(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on F(Joint Consultative Committee) ("the Joint Consultative Committee") and reach common positions where appropriate. The Joint Consultative Committee should coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority (Insurance and Occupational Pensions Authority or the European Banking Authority should be adopted in parallel by) or the European Supervisory Authority (Banking) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Consultative Committee will be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Consultative Committee should be a Vice-Chair of the European Systemic Risk Board. The Joint Consultative Committee will have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities concerned, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 197 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, and. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 203 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 211 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives.
Amendment 276 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, partially endorse or reject the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
Amendment 331 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. Decisions adopted under paragraph 6 shall apply to all relevant financial institutions which are active in the non- compliant jurisdiction.
Amendment 339 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the CommunityUnion, the Commission, upon its own initiative or following a request by the Authority, the Council, orfollowing recommendation from the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 340 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The conclusion drawn by the ESRB shall be subject to an exchange of views ex-post between the ESRB Chairman, the European Parliament and the competent Commissioner and shall be effective as soon as possible.
Amendment 358 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The Commission may revoke its decision pursuant to paragraph 1 on a recommendation from the European Systemic Risk Board, or at the request of the European Parliament or the Council.
Amendment 361 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competent authorities from more than one Member State, the Authority,and does not assign the ultimate responsibility to the group supervisor, the Authority, on its own initiative or at the request of one or more of the competent authorities concerned, may take the lead in assisting assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 378 #
2009/0144(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Evolution of the Authority The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 385 #
2009/0144(COD)
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. The delegation of responsibilities shall result in the reallocation of the competencies laid down in the legislation referred to in Article 1(2). The law of the delegate authority shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.
Amendment 390 #
2009/0144(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developingadvice to the appropriate European and international bodies to help facilitate the development of high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 398 #
2009/0144(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue guidelines and recommendations to the competent authorities concerned.
Amendment 405 #
2009/0144(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
The Authority shall include in its analysis an economic analysis of the markets for insurance and occupational pensions, and the impact of potential market developments on them. In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate CommunityUnion -wide assessments of the resilience of key financial market participants to adverse market developments To that end, it shall develop the following, for application by the competent authorities:
Amendment 407 #
2009/0144(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European Supervisory Authority (Insurance and Occupational Pensions Authority and the European Banking Authority) and the European Supervisory Authority (Banking) through the European Supervisory Authority (Joint Consultative Committee).
Amendment 422 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority shall provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 430 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community financial market participants, their employees as well as consumers, investors and users of financial service. Not more than 15 of the members will be representatives of financial market participants. Not less than five of the members shall be representatives of SMEs, employees (such as trade unions) and consumers, investors and users of financial services. Not less than five of the members shall be independent top- ranking academics.
Amendment 450 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
A budget shall be allocated to members of the Securities and Markets Stakeholder Group that represent non-profit organisations. This budget shall be agreed by the Board of Supervisors and shall be sufficient to cover expenses related to the organisation and attendance of preparatory meetings and the commissioning of external research and opinions.
Amendment 457 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specifiedincluding in relation to reaching joint positions with the European Supervisory Authority (Banking) and the European Supervisory Authority (Insurance and Occupational Pensions) as set out in Article 42, with particular focus on the tasks set out in Articles 7 and 8.
Amendment 462 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The Securities and Markets Stakeholder Group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by Securities and Markets Stakeholder Group, with the right for each stakeholder sub-group to have their proposed items on the agenda. Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 466 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Securities and Markets Stakeholder Group shall adopt its rules of procedure on the basis of the agreement of a two-thirds majority of members.
Amendment 518 #
2009/0144(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Before taking the decisions provided for in Article 9(6), Article 10(2) and(3) and Article 11(3) and (4)this Regulation, the Authority shall inform the addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential consequences of the matter.
Amendment 523 #
2009/0144(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point b
Article 25 – paragraph 1 – subparagraph 1 – point b
(b) the Head of the competent authority in each Member State. IfWhere there is more than one competent authority in a Member State, the authorities shall agree on the territory for which the Member State is responsible for the applicatione of EU law, the Heads to be theof those organisations shall be joint representatives on the Board of Supervisors and shall decide between themselves how to exercise their representation, including any votes under Article 29, which shall be shared;
Amendment 525 #
2009/0144(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate the settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the competent authorities which arefour members of the Board of Supervisors. The Chairperson shall select the members of the panel drawn from the Board of Supervisors. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authority partiesy to the disagreement, nor shall they have any interest in the conflict.
Amendment 539 #
2009/0144(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516(4) of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 to 11 and all measures and decisions adopted under Chapter VI.
Amendment 565 #
2009/0144(COD)
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include information detailing the scope of the interaction between the Authority and the European Systemic Risk Board and a response where relevant to opinions and reviews issued by the Banking Stakeholder Group. It shall also include any relevant information requested by the European Parliament on an ad-hoc basis.
Amendment 573 #
2009/0144(COD)
Proposal for a regulation
Chapter IV – Section 2
Chapter IV – Section 2
Amendment 574 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby establishedy ((Joint Consultative Committee) ("the Joint Consultative Committee") is hereby established and shall have its headquarters in Brussels.
Amendment 576 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Insurance and Occupational Pensions Authority and the BankingSupervisory Authority (Banking) and the European Supervisory Authority (Insurance and Occupational Pensions), in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and development of the relationship between the European Systemic Risk Board and the European Supervisory Authorityies.
Amendment 581 #
2009/0144(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to the administrative, infrastructure, and operational expenses.
Amendment 585 #
2009/0144(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall behave a board composed of the Chairperson and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European BankingSupervisory Authorityies, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 586 #
2009/0144(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. The Executive Director, a representative of the Commission and the ESRB shall be invited to the meetings of the Board of the Joint Committee of European Supervisory Authorities as well as the Sub-Committees mentioned in Article 43 as observers.
Amendment 587 #
2009/0144(COD)
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. The chair of the Joint Committee of European Supervisory Authorities shall be appointed on an annual rotational basis from among the Chairpersons of the European Banking Authority, the European Supervisory Authority (Banking), the European Supervisory Authority (Insurance and Occupational Pensions Authority) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets). The Chairperson of the Joint Committee shall be a Vice-Chair of the European Systemic Risk Board.
Amendment 588 #
2009/0144(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 2
Article 41 – paragraph 4 – subparagraph 2
The Board of the Joint Committee of European Supervisory Authorities shall meet at least once every two months.
Amendment 590 #
2009/0144(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals withof high repute with a proven record of relevant knowledge and professional experienctise, exincluding current staff of the competent authorities or other national or Community institutions involved in the activitiessupervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice ofn the Authority's exercise of its powers.
Amendment 602 #
2009/0144(COD)
Proposal for a regulation
Article 44 – paragraph 6
Article 44 – paragraph 6
6. The Authority, the European Banking Authority, and the European Supervisory Authority (Banking), and the European Supervisory Authority (Insurance and Occupational Pensions Authority) shall ensure adequate operational and secretarial support for the Board of Appeal through the Joint Committee.
Amendment 616 #
2009/0144(COD)
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. In the case of non-contractual liability, the Authority shall, in accordance with the general principles common to the laws of the Member States, make good any unjustifiable damage caused by it or by its staff in the performance of their duties. The Court of Justice shall have jurisdiction in any dispute over the remedying of such damage.
Amendment 628 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
The Commission shall produce its report having taken into account proposals on developing the Authority and ESFS submitted by the Securities and Markets Stakeholder Group, established under Article 22, the Board of Supervisors, established under Article 26, and the Joint Committee, established under Article 40. Those proposals will form an annex to the report to be published by the Commission. The Commission shall also consider the views of other stakeholder groups.
Amendment 629 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 b (new)
Article 66 – paragraph 1 – subparagraph 1 b (new)
The report shall, inter alia, review the performance of the Authorities as pertains to Article 6, the application of the safeguard clause under Article 23 and the functioning of the ESFS as pertains to Article 39. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture, including, if necessary, proposals on changes to the Treaties and sectoral legislation.
Amendment 631 #
2009/0144(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
Amendment 186 #
2009/0143(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficieBefore adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact assessment with a view to ensuring that the best practices for high-quality regulation are met. To provide effective external assistancye, an Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should be established for that purpose, representing in balancedappropriate proportions CommunityUnion insurance and reinsurance firms and insurance intermediaries as well as occupational pension funds (including as appropriate institutional investors and other financial institutions which themselves use financial services), trade unions, academics and consumers and other retail users of the insurance, reinsurance and occupational pension services, including SMEs. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Communityby EU legislation.
Amendment 193 #
2009/0143(COD)
Proposal for a regulation
Recital 37
Recital 37
(37) A full time Chairperson, selected by the Board of Supervisors through an open competition,European Parliament from a short-list drawn up by the Board of Supervisors should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 201 #
2009/0143(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting policyholders and other beneficiaries, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community lawEU legislation referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives. It shall have regard to internationally agreed standards and practices.
Amendment 304 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. Decisions adopted under paragraph 6 shall apply to all relevant financial institutions which are active in the non- compliant jurisdiction.
Amendment 342 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competentnational supervisory authority disagrees on the procedure or content of an action or inaction by another competentnational supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competentnational supervisory authorities from more than one Member State, the Authority,and does not assign ultimate responsibility to the group supervisor, the Authority, on its own initiative or at the request of one or more of the competentnational supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 362 #
2009/0143(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Evolution of the Authority The Authority shall evolve according to the best practices recognised at Union and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the Union. This applies, above all, to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first review of this Regulation, as provided for in Article 66, which should take place no later than three years after its entry into force.
Amendment 370 #
2009/0143(COD)
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. The delegation of responsibilities shall result in the reallocation of the competencies laid down in the legislation referred to in Article 1(2). The law applicable in the jurisdiction of the delegated authority shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.
Amendment 376 #
2009/0143(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developingadvice to the appropriate Union and international bodies to help facilitate the development of high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 416 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community. Not more than 15 of the members will be representatives of insurance andfirms, reinsurance firms as well as occupational pension funds, their employees as well as users of the insurance, reinsurance and occupational pension services, insurance intermediaries and occupational pension funds. Not less than five of the members shall be representatives of buy-side institutions, employees (such as trade unions) and consumers and users of the insurance, reinsurance and occupational pension services. Not less than five of the members shall be independent top- ranking academics.
Amendment 431 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 3 a (new)
Article 22 – paragraph 3 a (new)
3a. A budget shall be allocated to members of the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group that represent non- profit organisations. This budget shall be agreed by the Board of Supervisors and shall be sufficient to cover expenses related to the organisation and attendance of preparatory meetings and the commissioning of external research and opinions.
Amendment 438 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified, including in relation to reaching joint positions with the European Supervisory Authority (Banking) and the European Supervisory Authority (Securities and Markets) as set out in Article 42, with particular focus on the tasks set out in Articles 7 and 8.
Amendment 445 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 5 a (new)
Article 22 – paragraph 5 a (new)
5a. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group, with the right for each stakeholder sub-group to have their proposed items on the agenda. Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 449 #
2009/0143(COD)
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall adopt its rules of procedure on the basis of the agreement of a two-thirds majority of members.
Amendment 479 #
2009/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate the impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of thefour members of the Board of Supervisors. The Chairperson shall select the members of the panel drawn from the Board of Supervisors. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authoritiesy which areis partiesy to the disagreement, nor shall they have any interest in the conflict.
Amendment 496 #
2009/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516(4) of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 to 11 and all measures and decisions adopted under Chapter VI.
Amendment 512 #
2009/0143(COD)
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The Chairperson shall be appointed by the Board of SupervisorsEuropean Parliament on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation, following an open selection procedure managed by the Board of Supervisors who shall select the three strongest candidates for consideration by the European Parliament. Before appointment, the three candidates selected by the Board of Supervisors shall be subject to confirmation by the European Parliament, who shall appoint one of them as Chairperson. The Board of Supervisors shall also elect from among its members an alternate who shall carry out the functions of the Chairperson in his absence.
Amendment 523 #
2009/0143(COD)
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 560 #
2009/0143(COD)
Proposal for a regulation
Article 62 – paragraph 1 – subparagraph 1
Article 62 – paragraph 1 – subparagraph 1
1. The Commission, in close cooperation with the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2009/79/EC (Level 3 Committee), shall be responsible for the administrative establishment and initial administrative operation of the Authority until the Authority has the operational capacity to implement its own budget.
Amendment 189 #
2009/0142(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by Community law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They would be subject to amendmentIt can choose to reject them in part or in whole if, for example, the draft technical standards were incompatible with Community Law, wouldEuropean Union law, do not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityEuropean Union financial services legislation. To ensure a smooth and expeditedious adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsementwhen deciding when to endorse, partially endorse or reject them. The process for the development of technical standards in this regulation is without prejudice to the Commission’s powers to adopt delegated acts in accordance with Article 290 of the Treaty. The matters concerned by the technical standards do not involve policy decisions, and their content is framed by the Union acts adopted at Level 1. Development of the draft standards by the Authority ensures that they fully benefit from the specialised expertise of national supervisory authorities.
Amendment 211 #
2009/0142(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the Community require a swift and concerted response at Community level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the deThe European Systermination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commissionc Risk Board should establish when there is an emergency situation. The Commission should declare an emergency on a recommendation from the European Systemic Risk Board. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 237 #
2009/0142(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro- prudential level, across borders and across sectors. The Authority should monitor and assess such developments in the area of its competence and, where necessary, inform the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the European Systemic Risk Board on a regular and, as necessary, ad hoc basis. The Authority should also initiate and coordinate Community-wide stress tests to assess the resilience of financial institutions to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests. In order to inform the discharge of its functions, the Authority should undertake economic analysis of markets and the impact of potential market developments on them.
Amendment 246 #
2009/0142(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficieBefore adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact assessment with a view to ensuring that the best practices for high-quality regulation are met. To provide effective external assistancye, a Banking Stakeholder Group should be established for that purpose, representing in balancedappropriate proportions Community credit and investment institutions (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employeerade unions, academics, and consumers and other retail users of banking services, including SMEs. The Banking Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityEU legislation.
Amendment 261 #
2009/0142(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selected by the Board of Supervisors through an open competition,European Parliament from a short list drawn up by the Board of Supervisors should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 262 #
2009/0142(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to ensure cross-sectoral consistency in the activities of the European Supervisory Authorities, those authorities should coordinate closely in a Joint Committee ofthrough the European Supervisory Authorities and reach common positions where appropriate. The Joint Committee of European Supervisory Authorities should assume all of the functions of the Joint Committee on F(Joint Consultative Committee) (“the Joint Consultative Committee”) and reach common positions where appropriate. The Joint Consultative Committee should coordinate the functions of the three European Supervisory Authorities in relation to financial Cconglomerates. Where relevant, acts also falling within the area of competence of the European Supervisory Authority (Insurance and Occupational Pensions Authority or the European Securities and Markets Authority should be adopted in parallel by the European Supervisory Authorities concerned. ) or the European Supervisory Authority (Securities and Markets) should be adopted in parallel by the European Supervisory Authorities concerned. The Joint Consultative Committee will be chaired on a yearly revolving basis by the Chairpersons of the three European Supervisory Authorities. The Chairperson of the Joint Consultative Committee should be a Vice-Chair of the European Systemic Risk Board. The Joint Consultative Committee will have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities, to allow for informal information sharing and the development of a common cultural approach across the three European Supervisory Authorities.
Amendment 283 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 288 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 295 #
2009/0142(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives.
Amendment 369 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, partially endorse or reject the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requireshall inform the European Parliament and the Council of its decision, stating the reasons.
Amendment 440 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 shall apply to all relevant financial institutions which are active in the non- compliant jurisdiction.
Amendment 455 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the CommunityUnion, the Commission, upon its own initiative or following a request by the Authority, the Council, orfollowing a recommendation from the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 461 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The conclusion drawn by the ESRB shall be subject to an exchange of views ex-post between the ESRB Chairman, the European Parliament and the competent Commissioner and shall be effective as soon as possible.
Amendment 483 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. The Commission may revoke its decision pursuant to paragraph 1 on a recommendation from the European Systemic Risk Board, or at the request of the European Parliament or the Council.
Amendment 489 #
2009/0142(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competentnational supervisory authority disagrees on the procedure or content of an action or inaction by another competentnational supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competentnational supervisory authorities from more than one Member State, the Authority,and does not assign the ultimate responsibility to the group supervisor, the Authority, on its own initiative or at the request of one or more of the competentnational supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 508 #
2009/0142(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12 a Evolution of the Authority The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 514 #
2009/0142(COD)
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. The delegation of responsibilities shall result in the reallocation of the competencies laid down in the legislation referred to in Article 1(2). The law of the delegate authority shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.
Amendment 520 #
2009/0142(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developingadvice to the appropriate European and international bodies to help facilitate the development of high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 529 #
2009/0142(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue guidelines and recommendations to the competentnational supervisory authorities concerned.
Amendment 537 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
The Authority shall include in its analysis an economic analysis of the markets for insurance and occupational pensions, and the impact of potential market developments on them. In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate Community- wide assessments of the resilience of financial institutions to adverse market developments. To that end, it shall develop the following, for application by the competent authorities:
Amendment 541 #
2009/0142(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The Authority shall ensure an adequate coverage of cross-sectoral developments, risks and vulnerabilities by closely cooperating with the European Supervisory Authority (Insurance and Occupational Pensions Authority) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets) through the European Supervisory Authority (Joint Consultative Committee).
Amendment 576 #
2009/0142(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of a Member State the Authority shall provide any such information that is necessary to enable the national authority to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 585 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Banking Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community credit and investment institutions, their employees as well as consumers and users of banking service. Not more than 15 of the members will be representatives of credit and investment institutions. Not less than five of the members shall be representatives of SMEs, employees (such as trade unions) and consumers and users of banking services. Not less than five of the members shall be independent top- ranking academics.
Amendment 601 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3 a (new)
Article 22 – paragraph 3 – subparagraph 3 a (new)
A budget shall be allocated to members of the Banking Stakeholder Group that represent non-profit organisations. This budget shall be agreed by the Board of Supervisors and shall be sufficient to cover expenses related to the organisation and attendance of preparatory meetings and the commissioning of external research and opinions.
Amendment 605 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified, including in relation to reaching joint positions with the European Supervisory Authority (Insurance and Occupational Pensions) and the European Supervisory Authority (Securities and Markets) as set out in Article 42, with particular focus on the tasks set out in Articles 7 and 8.
Amendment 610 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The Banking Stakeholder Group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by the Banking Stakeholder Group, with the right for each stakeholder sub-group to have their proposed items on the agenda. Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 612 #
2009/0142(COD)
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Banking Stakeholder Group shall adopt its rules of procedure on the basis of the agreement of a two-thirds majority of members.
Amendment 650 #
2009/0142(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Before taking the decisions provided for in Article 9(6), Article 10(2) and(3) and Article 11(3) and (4)this Regulation, the Authority shall inform the addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential consequences of the matter.
Amendment 656 #
2009/0142(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point b
Article 25 – paragraph 1 – point b
(b) the Head of the national public authority competent for the supervision of credit institutions in each Member State. Where there is more than one competent authority in the territory for which the Member State is responsible for the application of EU law, the Heads of those organisations shall be joint representatives on the Board of Supervisors and shall decide between themselves how to exercise their representation, including any votes under Article 29, which shall be shared;
Amendment 659 #
2009/0142(COD)
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate the impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the competent authorities which arefour members of the Board of Supervisors. The Chairperson shall select the members of the panel drawn from the Board of Supervisors. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authority partiesy to the disagreement, nor shall they have any interest in the conflict.
Amendment 674 #
2009/0142(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 205 of the Treaty16(4) of the EU Treaty and in Article 3 of the Protocol No 36 on transitional provisions annexed to the Treaty of European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 to 11 and all measures and decisions adopted under Chapter VI.
Amendment 707 #
2009/0142(COD)
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. In addition to the information referred to in Articles 7a, 8, 9, 10, 11a and 18, the report shall include information detailing the scope of the interaction between the Authority and the European Systemic Risk Board and a response where relevant to opinions and reviews issued by the Banking Stakeholder Group. It shall also include any relevant information requested by the European Parliament on an ad-hoc basis.
Amendment 718 #
2009/0142(COD)
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 720 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A Joint Committee of tThe European Supervisory Authorities is hereby establishedy (Joint Consultative Committee) ("the Joint Consultative Committee") is hereby established and shall have its headquarters in Brussels.
Amendment 725 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency and learning with the European Supervisory Authority (Insurance and Occupational Pensions Authority and the European Securities and Markets) and the European Supervisory Authority (Securities and Markets), in particular on: – financial conglomerates; – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board and developing the relationship between the European Systemic Risk Board and the European Supervisory Authorityies.
Amendment 729 #
2009/0142(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The Authority shall contribute adequate resources to the administrative support of the Joint Committee of European Supervisory Authorities. This includes staff,Joint Committee shall have a permanent secretariat, staffed on secondment from the three European Supervisory Authorities. The Authority shall contribute adequate resources to administrative, infrastructure, and operational expenses.
Amendment 733 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Joint Committee shall behave a board composed of the Chairperson and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority,s of the European Supervisory Authorities and, where applicable, the Chairperson of a Sub-Committee established under Article 43.
Amendment 734 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. The Executive Director, a representative of the Commission and the ESRB shall be invited to the meetings of the Board of the Joint Committee of European Supervisory Authorities as well as the Sub-Committees mentioned in Article 43 as observers.
Amendment 737 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. The chair of the Joint Committee of European Supervisory Authorities shall be appointed on an annual rotational basis from among the Chairpersons of the European Banking Authority, the European Supervisory Authority (Banking), the European Supervisory Authority (Insurance and Occupational Pensions Authority) and the European Securities and Markets Authorityupervisory Authority (Securities and Markets). The Chairperson of the Joint Committee shall be a Vice-Chair of the European Systemic Risk Board.
Amendment 742 #
2009/0142(COD)
Proposal for a regulation
Article 41 – paragraph 4 – subparagraph 2
Article 41 – paragraph 4 – subparagraph 2
The Board of the Joint Committee of European Supervisory Authorities shall meet at least once every two months.
Amendment 747 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall bcomprise individuals withof high repute with a proven record of relevant knowledge and professional experienctise, exincluding current staff of the competent authorities or other national or Community institutions involved in the activitiessupervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice ofn the Authority's exercise of its powers.
Amendment 759 #
2009/0142(COD)
Proposal for a regulation
Article 44 – paragraph 6
Article 44 – paragraph 6
6. The Authority, the European Supervisory Authority (Insurance and Occupational Pensions Authority) and the European Supervisory Authority (Securities and Markets Authority) shall ensure adequate operational and secretarial support for the Board of Appeal through the Joint Committee.
Amendment 774 #
2009/0142(COD)
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. In the case of non-contractual liability, the Authority shall, in accordance with the general principles common to the laws of the Member States, make good any unjustifiable damage caused by it or by its staff in the performance of their duties. The Court of Justice shall have jurisdiction in any dispute over the remedying of such damage.
Amendment 781 #
2009/0142(COD)
Proposal for a regulation
Article 62 – paragraph 1 – subparagraph 1
Article 62 – paragraph 1 – subparagraph 1
1. The Commission, in close cooperation with the Committee of European Banking Supervisors established by Commission Decision 2009/78/EC (Level 3 Committee), shall be responsible for the administrative establishment and initial administrative operation of the Authority until the Authority has the operational capacity to implement its own budget.
Amendment 790 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)
Article 66 – paragraph 1 – subparagraph 1 a (new)
The Commission shall produce its report having taken into account proposals on developing the Authority and ESFS submitted by the Banking Stakeholder Group, established under Article 22, the Board of Supervisors, established under Article 26, and the Joint Committee, established under Article 40. Those proposals will form an annex to the report to be published by the Commission. The Commission shall also consider the views of other stakeholder groups.
Amendment 791 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 - subparagraph 1 b (new)
Article 66 – paragraph 1 - subparagraph 1 b (new)
The report shall, inter alia, review the performance of the Authorities as pertains to Article 6, the application of the safeguard clause under Article 23 and the functioning of the ESFS as pertains to Article 39. It shall contain proposals on how to further develop the role of the Authority and the ESFS, with a view to creating an integrated European supervisory architecture, including, if necessary, proposals on changes to the Treaty and sectoral legislation.
Amendment 792 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 - subparagraph 2
Article 66 – paragraph 1 - subparagraph 2
Amendment 202 #
2009/0064(COD)
Proposal for a directive
Recital 8
Recital 8
(8) This Directive does not regulate AIF and therefore does not prevent Member States from adopting or from continuing to apply additional requirements in respect of AIF established on their territory. However, recognising the variety of legal and governance arrangements applicable to AIFs, the AIF may be the AIFM where the AIF is responsible for its own management. The fact that a Member State may impose additional requirements on AIF domiciled on its territory should not prevent the exercise of rights of AIFM authorised in other Member States in accordance with this Directive to market to professional investors AIF domiciled outside the Member State imposing additional requirements and which are therefore not subject to and do not need to comply with those additional requirements.
Amendment 213 #
2009/0064(COD)
Proposal for a directive
Recital 10 a (new)
Recital 10 a (new)
(10a) In accordance with the principle of proportionality and recognising the substantial overlap between the authorisation requirements laid down in Directive 2009/65/EC and those laid down in this Directive, managers authorised under either directive should be entitled to be authorised under the other directive, subject only to complying with any relevant additional requirements for the new authorisation. In that respect, cross- references concerning documents should be possible, provided that information contained in those documents have remained unchanged. Directive 2009/65/EC should be amended to achieve the same result.
Amendment 261 #
2009/0064(COD)
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) This Directive should not impose unreasonable burdens in particular in relation to small and medium-sized AIF which do not pose systemic risk and do not endanger integrity of the markets. One of the tools by which to achieve that objective is the proper application of the principle of proportionality. That principle should apply generally to the requirements imposed on AIFM, AIF, depositories and valuators, as well as to the exercise of supervisory powers. All measures in this Directive, including delegated acts, should therefore take due account of the nature, scale and complexity of different types of AIF and AIFM. The Directive should not, however, be circumvented in cases involving, for example, the artificial splitting of funds managed by the same AIFM.
Amendment 357 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) AIFM established in the Community which do not provide management services to AIF domiciled in the Community and doManagement by an AIFM of AIFs which are not domiciled in the Union and which are not market AIFed in the CommunityUnion;
Amendment 451 #
2009/0064(COD)
Proposal for a directive
Article 3 – point b
Article 3 – point b
(b) ‘manager of alternative investment funds ‘ or AIFM means any legal or natural person whose regular business is to manage one or several AIFperson that is responsible for the management of one or several AIF and that, depending on the legal form of the AIF, can be either the AIF itself or an external manager;
Amendment 498 #
2009/0064(COD)
Proposal for a directive
Article 3 – point o f (new)
Article 3 – point o f (new)
Amendment 519 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 1 b (new)
Article 4 – paragraph 1 b (new)
1b. The competent authority shall not grant authorisation to an AIF to be the AIFM unless the directors, or members of the governing body, of the AIF are of sufficiently good repute and sufficiently experienced, in relation to the type of business carried out by the AIF, to ensure that the requirements of this Directive are complied with.
Amendment 522 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
Amendment 529 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. Without prejudice to Article 18, Member States shall ensure that each AIF falling under the scope of this Directive shall have a single AIFM, which shall be responsible for compliance with the requirements of this Directive.
Amendment 532 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. Without prejudice to Article 18, Member States shall ensure that each AIF falling under the scope of this Directive shall have a single AIFM, which shall be responsible for compliance with the requirements of this Directive.
Amendment 535 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 d (new)
Article 4 – paragraph 2 d (new)
2d. Depending on their legal form, AIF may be internally managed or may appoint an external manager. Where an AIF has not designated an external manager as AIFM, the AIF itself shall be the AIFM.
Amendment 564 #
2009/0064(COD)
Proposal for a directive
Article 5 – paragraph 1 - point g a (new)
Article 5 – paragraph 1 - point g a (new)
(ga) where the AIF is applying for authorisation as the AIFM, the names of the directors, or members of the governing body, of the AIF and details of their background and experience in relation to the business of the AIF.
Amendment 567 #
2009/0064(COD)
Proposal for a directive
Article 5 – subparagraph 1 a (new)
Article 5 – subparagraph 1 a (new)
Where the AIF is authorised to be the AIFM, and the shares or units of the AIF are traded on public markets, the AIF is not required to provide the information set out in Article 5(1)(a), but should provide details of which markets its shares and units are traded on, and where its share register is available for inspection.
Amendment 654 #
2009/0064(COD)
Proposal for a directive
Article 12 – paragraph 3 c (new)
Article 12 – paragraph 3 c (new)
3c. Paragraphs (1) to (3) do not apply to unleveraged closed-ended AIF.
Amendment 854 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 1
Article 17 – paragraph 2 – subparagraph 1
2. An AIFMNo company shall not act as depositaryboth AIFM and depositary for an AIF.
Amendment 858 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 2
Article 17 – paragraph 2 – subparagraph 2
The depositary shall act independently and solely in the interest of AIF investors. The AIFM and the depositary shall be independent of each other. Independence shall be regarded to mean that the AIFM and the depositary are not linked by common management or control, or by a substantial direct or indirect holding. This shall not be affected by any delegation under paragraph 4.
Amendment 897 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 3 d (new)
Article 17 – paragraph 3 d (new)
3d. Where an AIF managed by an authorised AIFM is domiciled in the Union, the depository may have its registered office in any Member State.
Amendment 932 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1
Article 17 – paragraph 5 – subparagraph 1
5. The depositary shall be liable to the AIFM and the investors of the AIF for any losses suffered by them as a result of its unjustifiable failure to perform or of its improper performance of its obligations pursuant to this Directive.
Amendment 1146 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – introductory part
Article 21 – paragraph 2 – introductory part
2. For each AIF an AIFM manages, it shall periodically reporrovide on request the following to the competent authorities of its home Member State:
Amendment 1465 #
2009/0064(COD)
Proposal for a directive
Article 32 – paragraph 1
Article 32 – paragraph 1
1. Member States may allow theWithout prejudice to other instruments of EU law, Member States may allow AIFM to market to retail investors generally or to particular categories of retail investor on their territory shares or units of AIF they manage, irrespective of whether such AIF are marketed on a domestic or cross-border basis. In such cases, Member States may adopt additional requirements in relation to the operation, organisation or marketing of AIF sold to retail investors in their territory. Member States may for that purpose(or to a combination of retail and professional investors) on their territory or the activities of the AIFM managing such AIF. However, Member States may not prevent the cross-border marketing of AIF to retail investors by imposeing stricter or additional requirements on AIFM or the AIF established in another Member State than on AIF established in their own territory.
Amendment 61 #
2008/2199(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
5. Is convinced that the TEC, as the body responsible for enhancing economic integration and regulatory cooperation, should be included in the new agreement; welcomes the fact that the TEC is advised by a range of stakeholders, including representatives of business, and asks that a comparable role be given to representatives of the trade union movement on each side of the Atlantic;
Amendment 40 #
2008/2148(INI)
Motion for a resolution
Recital K
Recital K
K. whereas current compensation schemes should reflect individual and corporate performance but not reward excessive risk at the expense of prudence,
Amendment 180 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point e
Annex – recommendation 2 – point e
(e) Similar rules should be developexamined for insurance guarantees, whilst recognising the different nature of insurance and banking.
Amendment 48 #
2008/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5 – subpoint a
Article 1 – point 5 – subpoint a
Directive 94/19/EC
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
1. Member States shall ensure that accurate data on depositors and deposits, which are necessary for the verification of claims, are made available without undue delay to the deposit-guarantee scheme whenonce the competent authorities have makde the determination referred to in point 3(i) of Article 1or the judicial authority makeshas made the ruling referred to in point 3(ii) of that Article.
Amendment 50 #
2008/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5 – subpoint a
Article 1 – point 5 – subpoint a
Directive 94/19/EC
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Amendment 52 #
2008/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5 – subpoint a
Article 1 – point 5 – subpoint a
Directive 94/19/EC
Article 10 – paragraph 1 – subparagraph 2 a (new)
Article 10 – paragraph 1 – subparagraph 2 a (new)
In the event that the continuity of banking services and access to monies is not deliverable, Member States shall make appropriate and timely arrangements to facilitate emergency payouts.
Amendment 126 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point b
Annex – recommendation 1 – point b
Amendment 193 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 3 – point c
Annex – recommendation 3 – point c
Amendment 68 #
2007/0143(COD)
Proposal for a directive
Citation 1
Citation 1
Having regard to the Treaty establishing the European Community, and in particular Articles 47(2) and 5Articles 55 and 95 thereof,
Amendment 82 #
2007/0143(COD)
Proposal for a directive
Recital 23
Recital 23
(23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made. A new regulation, to enter into force at the same time as this Directive, should provide that Committee with a legal basis and confer on it legal personality and provide for qualified majority voting for the purpose of the adoption of all the Committee's decisions under this Directive.
Amendment 85 #
2007/0143(COD)
Proposal for a directive
Recital 29 a (new)
Recital 29 a (new)
(29a) It is the practice in some Member States that insurance companies sell life insurance products in relation to which the policy holders and beneficiaries contribute to the risk capital of the company in exchange for all or part of the return on the contributions. Those accumulated profits constitute surplus funds and can be used to absorb any losses that may arise.
Amendment 100 #
2007/0143(COD)
Proposal for a directive
Recital 47 a (new)
Recital 47 a (new)
(47a) Criteria for a prudential assessment of a proposed acquisition of qualifying holding in an insurance or reinsurance undertaking as defined in this Directive and by implementing measures in accordance therewith, shall include admissibility criteria for use of certain classes of capital for the purpose of financing such acquisition.
Amendment 160 #
2007/0143(COD)
Proposal for a directive
Article 28 – paragraph 3
Article 28 – paragraph 3
3. Member States shall ensure that the requirements laid down in this Directive are applied in a manner which is proportionate to the nature, complexity and scale of the risks inherent in the business of an insurance or reinsurance undertaking even if the undertaking concerned is not vital for the overall financial stability of the market.
Amendment 180 #
2007/0143(COD)
Proposal for a directive
Article 43 – paragraph 1 – subparagraph 1
Article 43 – paragraph 1 – subparagraph 1
1. Insurance and reinsurance undertakings shall have in place an effective risk management system comprising strategies, processes and reporting procedures necessary to identify, measure, monitor, manage and report, on a continuous basis the risks, on an individual and aggregated level, to which they are or could be exposed, and their interdependencies.
Amendment 239 #
2007/0143(COD)
Proposal for a directive
Article 75 – paragraph 2
Article 75 – paragraph 2
2. The calculation of technical provisions shall be based on their current exit valuecalculated on a market consistent basis and in a reliable and objective manner.
Amendment 242 #
2007/0143(COD)
Proposal for a directive
Article 75 – paragraph 3
Article 75 – paragraph 3
3. The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on insurance and reinsurance technicalunderwriting risks (market consistency).
Amendment 244 #
2007/0143(COD)
Proposal for a directive
Article 75 – paragraph 4
Article 75 – paragraph 4
Amendment 390 #
2007/0143(COD)
Proposal for a directive
Article 110 – paragraph 5
Article 110 – paragraph 5
5. Supervisory authorities shall give approval to the application only if they are satisfied that the systems of the insurance or reinsurance undertaking concerned for identifying, measuring, monitoring and managing risk are adequate and in particular, that the internal model complies with the requirements referred to in paragraph 3.
Amendment 393 #
2007/0143(COD)
Proposal for a directive
Article 111 – paragraph 2
Article 111 – paragraph 2
Amendment 428 #
2007/0143(COD)
Proposal for a directive
Article 130 – paragraph 2 – subparagraph 1
Article 130 – paragraph 2 – subparagraph 1
2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking concerned can properly identify, measure, monitor, manage and control.
Amendment 437 #
2007/0143(COD)
Proposal for a directive
Article 130 – paragraph 4 – subparagraph 5 a (new)
Article 130 – paragraph 4 – subparagraph 5 a (new)
Supervisory authorities shall take account of whether the relevant institutions dealing in unregulated or alternative investment instruments adhere to voluntary codes of conduct, especially on transparency to supervisory authorities, to investors and to general public.
Amendment 495 #
2007/0143(COD)
Proposal for a directive
Article 208 – paragraph 1
Article 208 – paragraph 1
1. Member States shall ensure that insurance and reinsurance undertakings which conclude finite reinsurance contracts or carry on finite reinsurance activities are able to properly identify, measure, monitor, manage, control and report the risks arising from those contracts or activities.
Amendment 540 #
2007/0143(COD)
Proposal for a directive
Article 234 – point c a (new)
Article 234 – point c a (new)
(ca) the parent undertaking satisfies the competent authority regarding the prudent management of the subsidiary and has declared, with the consent of the competent authority, that it guarantees the commitments entered into by the subsidiary;
Amendment 632 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 2 a (new)
Article 237 – paragraph 1 – subparagraph 2 a (new)
Surplus funds under Article 96(1) shall not be used for provision of group support.
Amendment 717 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 1
Article 240 – paragraph 2 – subparagraph 1
2. Group support may only be provided from eligible own funds present in the parent undertaking or in any subsidiary, subject to that subsidiary, subject to that parent undertaking, where it is an insurance or reinsurance undertaking, having eligible own funds in excess of its minimum capital requirement. The supervisory authority having authorised that subsidiary shall not ponsolidated group Solvency Capital Requirevment the transfer of such excess eligible own fundsreferred to in Article 228(2).
Amendment 721 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 2
Article 240 – paragraph 2 – subparagraph 2
Amendment 796 #
2007/0143(COD)
Proposal for a directive
Article 253 – paragraph 1 – subparagraph 1 a (new)
Article 253 – paragraph 1 – subparagraph 1 a (new)
Amendment 798 #
2007/0143(COD)
Proposal for a directive
Article 253 – paragraph 1 a (new)
Article 253 – paragraph 1 a (new)
1a. The authorities responsible for the supervision of the individual insurance and reinsurance undertakings in a group and the group supervisor shall each call immediately for a meeting of all supervisors involved in group supervision in at least the following cases: (a) when it is aware of a breach of the Solvency Capital Requirement or the Minimum Capital Requirement of an individual insurance or reinsurance undertakings; (b) when it is aware of a breach of the Solvency Capital Requirement at group level calculated on the basis of consolidated data or the aggregated group Solvency Capital Requirement, in accordance with which method according to Title III, Chapter II, Section 1, Subsection 4, is used; (c) when other exceptional circumstances occur or have occurred.
Amendment 803 #
2007/0143(COD)
Proposal for a directive
Article 262 – paragraph 2 a (new)
Article 262 – paragraph 2 a (new)
2a. In the event of non-compliance by a holding or parent company with the requirements of group support and on the request of any other supervisory authority concerned, the group supervisor shall examine the situation and, if necessary, decide that supervision on a group basis is to cease.
Amendment 805 #
2007/0143(COD)
Proposal for a directive
Article 263 – paragraph 1 – subparagraph 2
Article 263 – paragraph 1 – subparagraph 2
The verification shall be carried out by the supervisory authority which would be the group supervisor if the criteria set out in Article 251(2) were to apply, at the request of the parent undertaking or of any of the insurance and reinsurance undertakings authorised in the Community or on its own initiative. TIn so doing, that supervisory authority shall consult the other supervisory authorities concerned, and the Committee of European Insurance and Occupational Pensions Supervisors, before taking a decision.
Amendment 806 #
2007/0143(COD)
Proposal for a directive
Article 267 a (new)
Article 267 a (new)
Amendment 812 #
2007/0143(COD)
Proposal for a directive
Article 304 – paragraph 3 b (new)
Article 304 – paragraph 3 b (new)
3b. All decisions to be taken by CEIOPS for the purpose of this Directive shall be adopted by qualified majority.